The Dismantling Of The OIL AND GAS LAW on 3 projects to facilitate its adoption in Parliament !

[10 YEARS LATER]

6 hours ago, ChuckFinley said:

I am trying to be level headed here but this is the best news i have seen in years.  

 

Had my wife give me a High & Tight Haircut with a " Flat Top " buzz cut. It's about as " Level Headed " as I can get, " with the " best news i have seen in years."    

[DinarThug]

a. Dr.. Jawad Kazem Al-Kaabi *: The risks of managing the operations of granting oil licenses in the federal oil and gas law since 2007

BY 

DR.. JAWAD AL KAABI 

- POSTED ON 25/03/2018

Introduction
It will be difficult for all institutions, including the state institution, to combat the phenomenon of corruption rampant in our country, when corruption itself legislates itself. In this research, we see that the Federal Oil and Gas Law in its three proposed legislation will be corrupt: if its provisions impede effective and fair administration and the lowest costs and risks for the development of our oil resources, the law will be corrupt if its provisions are applicable to the non-professional management of our oil resources, The law is corrupt if its provisions are applicable to its unlawful use.
I once read: Emperor of France, was asked of the actual ruler of the empire, Emperor Bonaparte?The Emperor replied without hesitation: my little boy this: he governs his mother, his mother governs me, I judge France! I can not document the source of this story, but it is an amazing expression of what this research wants to convey to the reader of scientific theses. In the same vein, we ask: who is the actual ruler in the system of managing our national oil resources, proposed in Articles 111 and 112 of the Constitution of our country? We respond: the actual governor will be the "Office of Independent Advisers". And how? We say: "Office of independent advisers" governs the "Federal Council of Oil and Gas", "Federal Council of Gas Oil" governs "competent body", and "competent body" governing the "oil resource management system" proposed in the three projects of the federal oil and gas law. If this organizational thing happens, after the legislation of one of the three bills of law, it will be a confirmation of the saying: Grant who does not have who does not deserve! The first draft, the oil and gas bill, proposed by the Council of Ministers in February 2007; the second project, the draft oil and gas bill, proposed by the Council of Ministers in August 2011 (revised version). The first project); the third project, the draft oil and gas bill, proposed by the Oil and Energy Committee of the House of Representatives in August 2011 (non-original version, modified from the second project). In order to facilitate follow-up research, we provide the following:

The first axis. Mechanisms, principles and criteria for negotiation and contracting in the draft law:

First. Institutional mechanisms used to manage oil licensing rounds.

Second. Principles used in oil licensing.

Third. Criteria for model contracts for granting oil licenses:

Standards in the three projects of the law. Standards in the Second and Third Projects of the Act. Standards in the third draft law. Criteria for measuring and evaluating the formulation of the model oil contract in the three projects of the law.

The second axis. Characterization and Evaluation of the Petroleum Licensing Operations Management System:

First. The system of the parties and organizational persons involved in the negotiation and contracting processes.

Second. System of regulatory provisions in the oil licensing operations management system:

Initial signature of the oil contract. The regulatory procedure for determining the fate of the initial oil contract. The regulatory procedure for the Federal Oil and Gas Council's decisions on the initial oil contract.

Third. The pattern and scope of the oil contract.

To download the full text of the search as a PDF file click on the following link

Jawad KL Al-Kaabi-Risks in the management of oil service contracts embedded in bills of Iraq oil and gas law-final 1

[10 YEARS LATER]

This Cats opening statement let’s everyone know EXACTLY how he feels 

[DinarThug]

LINK

World oil prices rise after Saudi Arabia announces its production plans

 

 

26th March, 2018
Oil prices rose globally on Monday, after the announcement of Saudi Arabia to extend the restrictions on production plans and the most important constraints on China. 

The International Energy Organization (IEA) reports that OPEC and Russia are leading oil production restrictions, which are being implemented from 2017 to 2019 in order to reduce the gap between the volume of oil supply and global demand.

 

While global investors are apprehensive of a US-China trade war, rising oil prices are challenging global equity markets, while gold has risen to a two-week high. 

Last week, US President Donald Trump signed a memorandum aimed at imposing trade restrictions on China and asked the US Trade Representative, in a 15-day period, to present a list of Chinese goods covered by tax increases. 

US WTI crude futures rose to $ 66.96 a barrel, while global Brent crude futures rose 0.9 percent to $ 71.86 a barrel.

###################

[DinarThug]

LINK

Deputy: The ratification of the law of the National Oil Company represents the stage of institutional construction of the oil sector

 

 

26th March, 2018

A member of the Committee on oil and energy parliamentary, Zaher Abadi, on Monday, the step of the Presidency of the Republic to ratify the law of the National Oil Company, considering that the stage of institutional construction of the oil sector in Iraq.

Al-Abbadi said in a statement received by Al-Ghad Press that "this organizational structure in the management and development of the oil and gas fields produced and discovered to promote the oil and gas industry and the development of various other energy sectors will be a source of pride and pride for this institution and to highlight the national industry of the country, Article (61) and Article (III) of Article (73) of the Iraqi Constitution, "pointing out that" this strengthens the constitutional article 111 to ensure the benefits of the people of oil and gas being the property of him. " 

He added that "the law of the National Oil Company will strengthen the role of regulators in its smooth role to control the oil companies and will contribute to raise the possibilities of associates, and will follow up what has been legislated on the ground to ensure the implementation of this law and the formation of this company in order to ensure the rights of the Iraqi people and the rights of associates.

He added that "will follow up the benefits of productive provinces, in which we have already submitted a text of a legal proposal to form a fund for reconstruction and development of productive provinces."  The Iraqi Council of Representatives has voted, earlier, the law of the National Oil Company.

[DinarThug]

Goldman Sachs: Major oil companies are witnessing the golden age

 

 

 27 March 2018 02:32 PM

Goldman Sachs said major oil companies in the world have been able to overcome strong crises and are now preparing for the rewards.

The companies are now in a period of increasing oil prices and lower operating costs, giving them the largest cash flows in two decades, which has boosted profits, the bank said in a report released on Monday.

The bank described the current situation as the beginning of a golden era for the new major oil companies, pointing to that environment is favorable for the returns of goods.

After the start of the OPEC agreement and its partners to reduce production, the crude market is regaining its balance, and prices rose, until Brent crude exceeded $ 70 a barrel.

Goldman Sachs said that these factors will help attract investors to oil companies after years of falling prices sharply, leading to a decline in weight in the global stock index to the lowest level in 50 years.

Royal Dutch Shell, Total and BP are among the major oil companies that have seen strong revenue growth in the last quarter.

The US bank said that companies now benefit from starting projects that were disrupted by the downturn.

link

[10 YEARS LATER]

Still waiting for “ our “ Golden Age. . . And I ain’t talkin’ Retirement-although one does walk hand in hand with the other. Gotta get there “ soon “ 

[DinarThug]

2018-03-28 

Rahim Darraji: $ 1126 billion of oil imports have been wasted since 2003

 

A member of the parliamentary finance committee, MP Rahim Darraji, Tuesday, wasted 1126 billion dollars of oil imports since 2003 until this moment, without making a significant change in the reality of the country.

"Without the shortcomings of the previous regime, the post-2003 governments would have been living in the camps and running the country from there," Darraji said during a dinner hosted by NRT Arabiya on March 27, 2018.

Al-Daraji stressed the existence of political entities that bring in fictitious companies and give them 60% of the total amount of the project and then disappear those companies.

He added that there are 6000 thousand projects have been contracted and paid the first installment of the implementation amounts, but the result has not been implemented by anything, and some of the foreign companies did not have anything, including a contract seen personally signed by $ 6.250 billion by the Minister of Electricity and the Council The Minister and the Chairman of the Energy Committee shall not have a single Caravan Company.

He explained that "all projects have been allocated the necessary funds in the state budget, but that gets the owner of the company takes a percentage of the project funds with the signing of the contract without doing anything and leave the project after that."

He continued, "The foreign oil companies operating in Basra record the price of the water hero by 10 dollars on Iraqi states and he pays about 12 billion dollars of the Iraqi people's money to these foreign companies."

On investment projects, Al-Daraji said that investing in Iraq is a real trick and has nothing to do with investment rules. Iraq grants loans to investors to implement projects and gives sovereign guarantees for the value of the project.

link

[DinarThug]

 

LINK

Abadi: Determined to benefit from oil and gas reserves

 

 

28th March, 2018
Prime Minister Haider al-Abadi said on Wednesday that Iraq has a good reservoir of oil and gas, stressing the need not to continue relying on oil. 

"Iraq now has a good reservoir of oil and gas, but we can not continue to rely on them," Abbadi said in a speech at the energy conference. "Oil must be a catalyst and a secondary factor in the economy."

 He added that "the previous regimes were exploiting the oil wealth to destroy and wage wars," pointing out that "the former regime used oil and gas to destroy Iraq instead of developing and promoting it." 

 

"There are sleeper cells in Iraq and the security forces are determined to dismantle and eliminate them," Abbadi said.

[DinarThug]

LINK

Jubouri sets the dates for the end of the legislative term and the parliamentary session

13:22 - 28/03/2018  

 

The Speaker of the House of Representatives Salim al-Jubouri on Wednesday, the dates of the end of the legislative term and the current parliamentary session of the Council, stressing that the Presidency will call for a meeting to complete the vote on the remaining important laws.

Jubouri said in a speech in the House of Representatives followed by / information / that "the current legislative term ends on 30/4-2018 next according to the Constitution and the current parliamentary session ends on 30-6-2018," noting that "the Council can hold a meeting Regular session or exceptional as necessary. "

He added that "the Presidency will call for a meeting in which the completion of voting on the important laws remaining under the custody of the Council[/size]

[Wiljor]

  Thanks Thugs, ........c’mon Iraq get’r done ✅ 

[Rmc10]

Yes yes yes!!! I want to finally be able to meet all these cool people I've come to like so much here in DV. Go Iraq! Rv your currency!!!!

Edited March 29, 2018 by Rmc10

[10 YEARS LATER]

" WILL CALL " Yes but when ? I didn't see a date of commitment. The statement is fine, but a might vague. TICK TOCK GOI goof balls. Get this Ball over the Goal Line already ! 

[Butifldrm]

Iraq 's economy boosts its national energy system by more than 200 megawatts

 

 Twilight News    

 

 one hour ago

 

 

The Minister of Oil Jabbar Ali al-Allaibi said on Thursday that the ministry is keen to implement the strategic projects that contribute to the development of work in the oil fields and provide quantities of electric power to be used in the operation of fields, this was during the opening station Rumaila electric power maximum capacity of 235 megabytes Watts per day.

The two ministers said Rumaila field represents giant energy in oil production in the country out of ten large fields, which represents the largest weight of the production of Iraq's fields and the Basra Oil Company and must provide the necessary supplies to develop production in the field.

He added: "Today we celebrate the opening of the Rumaila power station with generating capacity of 235 megawatts per day. This energy will cover the actual need to operate the Rumaila field of electric power, which is a new achievement added to the achievements achieved previously and which are positively reflected on the development of the right.

Al-Allaibi pointed out that the project is one of the largest projects implemented by the Rumaila field operation, which includes the Basra Oil Company, British BP and Petrojina. This project is important in the provision of electricity through the operation of five gas turbines and will achieve the field self-sufficiency of electric power , Adding that the station will rely on fuel from fuel through the investment associated with oil operations, which is another achievement that reduces the waste of gas, as well as providing clean energy at the operation, which contribute to the preservation of the environment and reduce environmental pollution.

The minister added that the project contributed to the provision of (500) job opportunities for the sons of Iraq and will save a lot of money as a result of the provision of electricity.

For his part, praised the director of the company (BP) in Iraq, Michael Townsend, the cooperation of the Ministry in the development of Rumaila field and the company is keen to implement the program agreed with the Ministry to develop the field and the addition of vital facilities and modern technology, including this modern station, which provides electricity to the field and surplus will feed the national network.

The official spokesman of the ministry Assem Jihad that the Rumaila power plant is the largest project of its kind implemented by the operation of Rumaila since its inception,. The Rumaila Power Plant will use the gas associated with the production from the field to operate the turbines that will generate electricity. The plant will contribute to self-sufficiency of power. The plant will generate 235 megawatts per day when working at maximum capacity.

It is worth noting that the power generated from the plant is equivalent to the consumption of about 23,000 optical families of electricity.

 

 

Keywords: 

http://www.shafaaq.com/ar/Ar_NewsReader/5f9d4bbc-8af3-4d45-9d89-9640ae58d1e1

[DinarThug]

Iraq’s Oil Reserves May Be Much Higher Than Thought

By Irina Slav - Mar 29, 2018, 6:00 PM CDT

 

Iraq’s crude oil reserves may turn out to be much higher than believed, the country’s oil minister Jabar al-Luaibi said at a recent industry event, timing the statement with news that it will pay foreign companies less in new contracts.

Last year, Iraq updated the estimate for its proven reserves to 153 billion barrels from 143 billion barrels, but if Luaibi is right, the figure could actually be double the 2017 estimate.

If the higher estimate proves true, it would make Iraq the largest oil-rich country in the world, ahead of Venezuela, which claims its reserves are just above 300 billion barrels, and also ahead of Saudi Arabia, with 260.8 billion barrels.

 
Al-Luaibi’s remarks on the reserve estimates come amid preparations for the next oil tenderin the country, which is to take place next week and offer 11 exploration blocks to foreign companies.

A total 15 companies have expressed interest in bidding for the blocks in eastern and southern Iraq as the country seeks to increase its production capacity to over 5 million bpd from the current 4.35 million bpd.

But it also comes as Baghdad says it will exclude oil by-products from the revenue of foreign oil companies in new contracts that should be awarded in June. The end result will be reduced productive fees for foreign companies.

Related: Oil Majors Should Invest In Deepwater Drilling

 

The tender and the possible reserve update suggest Iraq does not plan to continue producing less than capacity for much longer.

This is hardly a surprise: OPEC’s number-two exporter has consistently failed to fit within its production quota under the OPEC+ agreement, forcing Saudi Arabia to reduce its production by more than it had agreed. In fact, were it not for Venezuela’s uncontrollably falling output, OPEC would not have been able to meet its objective of bringing global inventories down enough to stimulate higher prices.

Iraq has not made a secret of its production growth plans. The troubled country, which has yet to erase all traces of the Islamic State’s presence from its territory, depends on crude oil exports for 90 percent of its export revenue and does not have the means or options to initiate a quick economic turnaround.

By Irina Slav for Oilprice.com

https://oilprice.com/Latest-Energy-News/World-News/Iraqs-Oil-Reserves-May-Be-Much-Higher-Than-Thought.html

[siberian_shaddow]

Much Appreciated and GM Thugs and DV, you know once they get all there camels in a straight line there going to be rolling in money. 

[DinarThug]

6 hours ago, siberian_shaddow said:

you know once they get all there camels in a straight line there going to be rolling in money. 

 

Then Make Way - Camel Train Coming Thru !  

 

         

 

     

[Wiljor]

Thanks Thugs, very much appreciated, as willjor steps aside to make room for camel train 

[ChuckFinley]

1 hour ago, Wiljor said:

Thanks Thugs, very much appreciated, as willjor steps aside to make room for camel train 

Thanks Thug, watch yourself Wiljor. That train can run a muck.  

[Freedomwish]

On 3/28/2018 at 10:37 PM, Rmc10 said:

Yes yes yes!!! I want to finally be able to meet all these cool people I've come to like so much here in DV. Go Iraq! Rv your currency!!!!

 

Hope you can hold your own liquor before we all get nuts and looney at the DV/RV party!! 

[DinarThug]

«OPEC» praises Iraq's role in the stability of oil prices

31/3/2018 12:00 am 

During the meeting with the Secretary General of the Organization 

Baghdad / Al-Sabah

The Secretary-General of the Organization of the "OPEC" Mohammed Barkindo, that what Iraq has achieved from the defeat of the elements of «da'ash» contributed to the stability of the region and a positive impact in the countries of the Organization.

In a statement received by Al-Sabah, Al-Abbadi said, "Abadi received on Thursday the Secretary-General of the Organization of Petroleum Exporting Countries, Mohamed Barkindo, and his delegation." During the meeting, the future vision of the OPEC countries was discussed. Oil and the importance of maintaining the stability of the region, in addition to the role of Iraq in the large organization ». 

And Barkindo Park, «Iraqi victories and the liberation of the entire land», noting that «the whole world owes Iraq thanks to the defeat of the gangs of terrorist advocates, in addition to what Iraq has contributed to the stability of the region and a positive impact in the OPEC countries», Barkindo stressed that «the role of Iraq Was great in the agreement that took place in the «OPEC», which contributed to the current stability of the price of oil », praising« the economic program pursued by the government of Abadi and the importance of continuing this approach, which will revive Iraq economically ».

The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo arrived in Baghdad on Monday and held several official meetings

link

[ChuckFinley]

Thanks Thug. Looking for some big things to happen today. Lets see how this plays out.

[DinarThug]

LINK

An expert ruled out a long-term agreement to freeze oil production

09:02 - 31/03/2018  

 

The oil expert Hamzah al-Jawahri ruled out Saturday the possibility of concluding a long-term agreement to freeze the increase of oil production among the producing countries, pointing out that any agreement needs a realistic study of oil prices and future outlook as well as political consensus.

 "The conclusion of a 10-year long-term agreement between the oil producing countries of the Organization of Petroleum Exporting Countries (OPEC) and the free countries is not possible at present for political and economic reasons," Jawahri said in a statement.

 "Saudi Arabia is subject to the American will to determine oil prices, which means that it is not fully bound by the agreements, while countries seek to increase their production, such as Iran and Iraq as soon as possible, there is a conflict between the vision of the main producers."

 He went on to say that "any agreement requires a realistic study of oil prices and future outlook, as well as the political consensus between these countries."

[Goggles]

On 3/26/2018 at 9:39 PM, DinarThug said:

LINK

Deputy: The ratification of the law of the National Oil Company represents the stage of institutional construction of the oil sector

 

 

26th March, 2018

A member of the Committee on oil and energy parliamentary, Zaher Abadi, on Monday, the step of the Presidency of the Republic to ratify the law of the National Oil Company, considering that the stage of institutional construction of the oil sector in Iraq.

Al-Abbadi said in a statement received by Al-Ghad Press that "this organizational structure in the management and development of the oil and gas fields produced and discovered to promote the oil and gas industry and the development of various other energy sectors will be a source of pride and pride for this institution and to highlight the national industry of the country, Article (61) and Article (III) of Article (73) of the Iraqi Constitution, "pointing out that" this strengthens the constitutional article 111 to ensure the benefits of the people of oil and gas being the property of him. " 

He added that "the law of the National Oil Company will strengthen the role of regulators in its smooth role to control the oil companies and will contribute to raise the possibilities of associates, and will follow up what has been legislated on the ground to ensure the implementation of this law and the formation of this company in order to ensure the rights of the Iraqi people and the rights of associates.

He added that "will follow up the benefits of productive provinces, in which we have already submitted a text of a legal proposal to form a fund for reconstruction and development of productive provinces."  The Iraqi Council of Representatives has voted, earlier, the law of the National Oil Company.

Jubouri still has work to do.  This is sitting waiting. 

[bostonangler]

13 minutes ago, Goggles said:

This is sitting waiting. 

 

that's what we've all been doing for over a decade, and to think when I got in this I thought it was a get rich scheme!!! LOL

 

B/A