The government decides to form the board of directors of the National Oil Company

[HowieC]

The government decides to form the board of directors of the National Oil Company

 

energy Economy News - Baghdad Economy News Agency publishes a document issued by the General Secretariat of the Council of Ministers, which includes the formation of the Board of Directors of the National Oil Company. In the document, the Cabinet decided: - activation of the National Oil Company , which will include all oil companies in Iraq - contracting with former oil minister Thamer Ghadhban to work as an expert to the Board of Directors - commissioning, Undersecretary of the Ministry of Planning Maher Hammad Johanne first agent general manager of the Basra oil company to work as a member of the management Mgarr National Oil Company - Choose the General Manager of the North Oil Company for membership of the Board of Directors of the National Oil Company https://economy-news.net/content.php?id=25695

Views    Date added 12/07/2021

[southbeach]

Well no wonder we haven’t seen an HCL agreement yet

[Rochester]

40 minutes ago, southbeach said:

Well no wonder we haven’t seen an HCL agreement yet

good question

[luvalife]

Could it be possible that this is already completed since they are "Activating" it now? This is all coming together as if it was done and they are kicking the can as things get finalized.  If not, I think that because of the ridiculous inflation that the Iraqi people are experiencing they would be on the streets by now!  Something is just not sitting right with me.  I honestly think that they are much closer then they are leading the "outside world" to believe.

Just my opinion but.... I'm feeling it in my bones.  It's definitely not arthritis!

Praying for Completion for the people of Iraq as well as it's investors....🙏

[Longtimelurker]

17 minutes ago, luvalife said:

Could it be possible that this is already completed since they are "Activating" it now? This is all coming together as if it was done and they are kicking the can as things get finalized.  If not, I think that because of the ridiculous inflation that the Iraqi people are experiencing they would be on the streets by now!  Something is just not sitting right with me.  I honestly think that they are much closer then they are leading the "outside world" to believe.

Just my opinion but.... I'm feeling it in my bones.  It's definitely not arthritis!

Praying for Completion for the people of Iraq as well as it's investors....🙏

My thoughts exactly

[jake21]

Unfortunately, the past does not backup your thoughts. They have been there so many times without anything happening. To me, just another photo-op.

[Half Crazy Runner]

28 minutes ago, luvalife said:

Could it be possible that this is already completed since they are "Activating" it now? This is all coming together as if it was done and they are kicking the can as things get finalized.  If not, I think that because of the ridiculous inflation that the Iraqi people are experiencing they would be on the streets by now!  Something is just not sitting right with me.  I honestly think that they are much closer then they are leading the "outside world" to believe.

Just my opinion but.... I'm feeling it in my bones.  It's definitely not arthritis!

Praying for Completion for the people of Iraq as well as it's investors....🙏

I remember a lot of talk a few years back about the National Oil Co. so I think it’s very possible that it’s been in the works for years and now it is ready to be activated. Anyway, I sure hope so! 

[luvalife]

3 minutes ago, jake21 said:

Unfortunately, the past does not backup your thoughts. They have been there so many times without anything happening. To me, just another photo-op.

Jake, I have been here for what seems like a lifetime.  I have climbed up many mountains and yelled from the top because It was "happening"? However, this time is different! (I believe that most here would agree) I won't go into any events from the past that I am comparing to but I truly do believe that we are close.

You are entitled to your opinion but my past experiences with this investment have simply become  measurements of the distance I have come....  so, I do feel that I can climb with the knowledge that I have been equipped with... and confidently grab my megaphone.  You may use earplugs if you wish.

[Retiredofficer]

I have climbed a few mountains as well since joining this expedition in 2010.  Can’t wait till only the foothills remain. 

Edited July 12, 2021 by Retiredofficer

[Longtimelurker]

56 minutes ago, jake21 said:

Unfortunately, the past does not backup your thoughts. They have been there so many times without anything happening. To me, just another photo-op.

Definitely different this time around.. We are dealing with global forces that will will make it happen this time. Dont know exactly when but everything seems to be lining up nicely.

[jake21]

I hope so

[NWGUY]

I have been here a long time also....Iraq can wear you down with all their "soon" "postponed" "in coming weeks, months, years" on & on, but there are so many different things lining up it is really feeling different.  I am a glass half full guy, and I think we are close!   

[Calijim]

One would seem to think that an all encompassing oil company is an agreement on oil and gas. Now they just have to drag it into LAW.

[GreedyDinar07]

Yea, don't hold your breath!!

[3n1]

october 2020 article about reviving the national oil company with some history seems they might actually might be on schedule ... cheers 

 

 

Published date: 20 October 2020

Share:Iraq's reconstituted national oil company Inoc will be operational by early 2022, more than 30 years after it was broken up under Saddam Hussein's regime, according to oil minister Ihsan Ismael.

"By the third quarter of 2021 or first quarter of 2022, we will see Inoc leading the upstream industry in Iraq," Ismael told the Iraq Petroleum virtual conference today. Inoc's revival will be "positive" for the sector as a whole, including international oil firms operating in the country, as it will help speed up and facilitate processes, Ismael said.

Iraq's parliament has yet to approve an amended law to re-establish the firm, but Ismael has taken on the role of heading Inoc in addition to his existing duties as oil minister. Inoc was broken up into a number of regional companies by Saddam Hussein's regime in 1987 as a way of increasing direct government control over the oil industry. These regional firms have since operated under the umbrella of the oil ministry.

Parliament voted in March 2018 to re-establish Inoc amid tensions between Baghdad and the Kurdistan Regional Government (KRG) over the federal budget. But Iraq's federal supreme court ruled in January last year that a number of articles of the law to revive the national oil company were unconstitutional. These related to revenues, profits, distribution and provincial rights.

The oil ministry is in discussions with a consultancy about the scope of Inoc's authority, and there is a change in the law to make it workable, Ismael said. Inoc will function as a single entity separate from the oil ministry and will oversee all of Iraq's oil-producing regions, including the semi-autonomous Kurdistan region in the north of the country. Its advocates say it will smooth the relationship between federal and local governments by separating the oil sector from political influence and by ensuring the fair distribution of wealth among Iraqi constituencies, which have competing demands.

Tension between Baghdad and Erbil has deteriorated recently over Opec+ crude production cuts and budget allocations. The division of Iraq's cuts under the latest Opec+ agreement was "not done properly", Ismael said. Baghdad has cut around 1mn b/d of crude output from southern regions including Basrah and Nasiriya, and around 100,000 b/d from Kirkuk in northern Iraq, but there has been "no real cut" from the Kurdistan region, Ismael said.

Under the Opec+ agreement, Iraq pledged to reduce its crude production by 1.06mn b/d in May-July and by 849,000 b/d in August-December from an October 2018 baseline of 4.65mn b/d.

 

https://www.argusmedia.com/en/news/2151791-iraq-to-revive-national-oil-company-by-1q22

[Rochester]

6 hours ago, luvalife said:

Jake, I have been here for what seems like a lifetime.  I have climbed up many mountains and yelled from the top because It was "happening"? However, this time is different!.....  so, I do feel that I can climb with the knowledge that I have been equipped with... and confidently grab my megaphone.  You may use earplugs if you wish.

"....confidently grab my megaphone. You may use earplugs if you wish."

 

LOL...love your sense of humor 😁📣

[luvalife]

3 hours ago, Rochester said:

"....confidently grab my megaphone. You may use earplugs if you wish."

 

LOL...love your sense of humor 😁📣

Thanks Rochester!!!  Sometimes that's what it takes to bring my message home!  LOL!!!

Happy to know that I can make you chuckle a little when I make my point.  BAM!!!! 🤣  😂  🤣  😂

Check to see if your seatbelt is fastened and tray tables are put away... this ride is about to come to an end!!!  Whooo Hoooo! 🙌  🙌  🙌 

[Rochester]

1 hour ago, luvalife said:

Thanks Rochester!!!  Sometimes that's what it takes to bring my message home!  LOL!!!

Happy to know that I can make you chuckle a little when I make my point.  BAM!!!! 🤣  😂  🤣  😂

Check to see if your seatbelt is fastened and tray tables are put away... this ride is about to come to an end!!!  Whooo Hoooo! 🙌  🙌  🙌 

thanks! I gonna buy a pet Camel for a trip, once this done...maybe go see Australia

[screwball]

17 hours ago, luvalife said:

Could it be possible that this is already completed since they are "Activating" it now? This is all coming together as if it was done and they are kicking the can as things get finalized.  If not, I think that because of the ridiculous inflation that the Iraqi people are experiencing they would be on the streets by now!  Something is just not sitting right with me.  I honestly think that they are much closer then they are leading the "outside world" to believe.

Just my opinion but.... I'm feeling it in my bones.  It's definitely not arthritis!

Praying for Completion for the people of Iraq as well as it's investors....🙏

Pussible but this law has been in play for years just needed amendments 

[screwball]

You all confused about oil laws there are two laws one written by bearing point bush appointed company the other Iraq law 

[screwball]

Iraqi law nationalises oil for people why else are us oil companies pulling out 

[screwball]

Get with program 

[Half Crazy Runner]

13 hours ago, 3n1 said:

Share:Iraq's reconstituted national oil company Inoc will be operational by early 2022,

I’m always most hopeful for a rate change at the beginning of each new year. Maybe January 2022 is finally the time…?

[ronscarpa]

On 7/12/2021 at 7:30 AM, HowieC said:

The government decides to form the board of directors of the National Oil Company

 

More government over-reach, IMO...!