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Parliamentary commission submits amended oil and gas bill to ministerial board


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Parliamentary commission submits amended oil and gas bill to ministerial board

14/07/2011 14:06

Baghdad, July 14 (AKnews) – An ammended draft oil and gas bill has been sent to the council of ministers for voting, the government's Energy Commission, said on Thursday.

Faisal Abdullah, the Deputy Prime Minister for Energy Affair’s media director, told AKnews that the bill will go to parliament for ratification once the cabinet has passed its own amendments.

"The Ministers Council will in turn make the appropriate modifications on the draft bill that aims to support the raising of the level of oil production,” he said.

The new law is said to provide an appropriate environment for energy investment in Iraq, including oil, gas and will also encourage the local workers to compete for work according to world contexts in the extraction of oil from fields under the management of the national oil company.

The Iraqi National Oil Company (INOC) was formed according to Act No. 11 of 1964 and Act no. 97 issued on the same year to regulate the investment of the Iraqi National Oil Company of the areas allocated to them.

The center of the Iraqi National Oil Company was integrated with the center of the Oil Ministry according to the decision of the disbanded Revolutionary Command Council number 267 on April 26 - 1987, and this decision was considered as a cancelation for the company.

A number of experts concerned in oil studies believe that Iraq lacks clear political policy which was a reason in delaying the development of its oil wealth.

The Ministry of Oil announced in September last year that the Iraq’s proven reserves of oil reached 33.463 billion barrels in the northern and southern oil fields, particularly in the fields of Qurna and Zubair.

Iraq signed oil contracts with international energy companies at the beginning of this year after two rounds of licenses to develop ten oil fields were tendered.

Iraq has the fourth-largest oil reserves in the world and crude oil exports constitute about 95% of Iraq's federal budget.

Reported by Jaafar al-Wannan

RN/KA/AKnews

http://www.aknews.com/en/aknews/2/251809/

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UNBELEAVABLE all that is going on right now.

I've been it this for 8 years now.

I thought it was getting EXCITING last December when Biden was speaking on IRAQ behalf to be released for Sanctions at the UNITED NATIONS

( Boy O Howdy did the Pumpers get milage out of that )

However all that is happening right now is just right down EXHILARTING.

GO RV/RI

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