CALLS FOR AMENDMENT OF PARAGRAGH 18

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Calls for the amendment of paragraph (18) of the oil and gas law before it is approvedPosted: November 16, 2010 by Justhopin in Iraqi Dinar/Politics

Tags: Iraq, HCL, oil, hydrocarbon, hydrocarbon law, OPEC, Oil field, Petroleum, Oil Ministry, Energy, Natural gas field, Extraction of petroleum, List of countries by oil production, Iraqi Oil Ministry 0Iraqi economists stressed, Tuesday, on the need to enter the Iraqi Council of Representatives an amendment to paragraph 18 of the oil and gas law relating to the establishment of the Federal service and the voting for the organization of the oil wealth in the country.

A member of the Organization of our economy Abdelilah Yasser Kurdistan News Agency (Rn), said that “the current parliament is responsible for major task is the adoption of oil and gas law that would regulate the trading of oil and save the Iraqi oil from the central decisions not based on the legal rules.”

He pointed out that Yasser “The oil ministry has worked over the previous period to conceal the real gaps in the file of the oil and gas, and sought to media blackout them through licensing rounds, the first, second and third.”

He added that Yasser “indicators on the low level of oil Anbarz indicators by raising oil production, but it became clear political oil in the country.”

In turn, said the economist Faisal Hammoud’s (Rn), “The oil and gas law in its current form would require an amendment in particular with regard to paragraph (IV _ c) of Article 18 relating to obsolete the initial contract, and the formation of the Federal service.”

The Hammoud that “the formation of the federal oil and assign a mechanism of contract would disrupt Iraq’s position in OPEC, which is Iraq, a member of the specialization of the Ministry of Oil exclusively,” pointing out that “the Council of Representatives to amend paragraph (IV – c) of Article 18 and limit the function of the Federal service mechanism to supervise the work of the Ministry of Oil and its subsidiary bodies. “

And the failure of the former House of Representatives to pass the oil and gas law, which was expected to rise if approved oil situation.

In the opinion of a number of experts involved in studies of oil that Iraq is missing so far to the political oil and clear.

And announced that the Iraqi Oil Ministry in September last that crude oil inventories in the country was 505 billion barrels of discovered fields that $ 66 oil fields, with total recoverable reserves of 143 billion barrels of oil.

And make Iraq last year, two rounds of investment licenses for oil fields resulted in winning several international companies of different nationalities Pttaiwirashrp fields in different regions, was conducted in Iraq early last month licensing round gas fields.

Plans to increase Iraq’s oil exports during the next six years to 12 million barrels per day after obtaining the approval of the international oil cartel.

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[GO RV!!]

Talk about where just SOME of their wealth will be coming from!!! Iraq is beyond rich with their relatively untapped natural resources

- Fresh