Oil Minister Jabbar Ali al-Allaibi said on Sunday that Iraq has started a new phase in the development of oil fields border and contribute to the addition of new rates of oil reserves and gas to the country.
This came during a signing ceremony in the initials of three border exploratory patches with the UAE Crescent Petroleum Company.
The Minister of Oil said that the ministry will through these contracts to invest the best of oil and gas resources from these fields and the patchwork of the border after being neglected for decades.
He added that what distinguishes these contracts is that it is located on the border with neighboring countries, which requires work on the investment and benefit from the wealth, and prepared by the ministry as a priority because it concerns the interests of the Iraqi people. In addition, the current form of service contracts differ from previous decades of previous licensing rounds Some items have been amended, in terms of profitability, cost reduction and in the best interests of the country.
For his part, the Director General of the Department of Contracts and Petroleum Licenses Abdulmahdi Al-Amidi said that the signing of the contracts for the development of the patchwork (Kalabat – Kammer) and (Khashm red – Anjana), which is located in the province of Diyala and exploratory (Khader May) Crescent Petroleum, adding that the contracts will be sent to the Council of Ministers for approval to be signed later in the final form.
In turn, the Executive Director of Exploration and Production in Crescent Petroleum Company Abdullah Al-Qadi said that his company will work on developing fields and exploratory plotters whose contracts were signed today in initials, referring to the production of exploratory patches will begin after the signing of the contract three years, adding that the wording of the new contracts will benefit On the parties, and that his company will in addition to the production of crude oil, the investment of gas associated with free gas.
Source: Iraq’s Economic Center, Jun 4, 2018