Undersecretary of the Ministry of Oil blessing Fayyad said that Iraq will pay for foreign oil companies remaining arrears for 2015 in the amount of about two billion dollars in April next year and is expected to reach anagreement regarding the contracts by the middle of this year.
And imposed these agreements intense pressure over the treasures of Baghdad as government revenues fell due to tumbling prices oil what is going on Iraq , in talks with foreign companies to link the fees it collects for thedevelopment of fields crude prices.
the blessing is responsible for the source told Reuters operations in an interview in Basra , the oil – producing “average new agreement will help prevent inflate production costs and not to overburden the Iraq debt.”
he stated that ” among the ways to reduce costs for companies is to deliver drilling operations to the government of exploration companies or hiring workers local instead of foreign workers. ”
he predicted a blessing that the increase in production from Iraq in 2016 to be” very modest “due to reduced investment budgets for foreign companies affected by the fall in oil prices.
He added that it was likely to reach an agreement with PetroChina, Exxon Mobil and other energy companies by the end of this year about investing in a project that aims to boost production of small foreign fields.
a typical “South integrated project , ” which is estimated to cost billions of dollars to build oil pipelines and storage facilities the project to pump water from the Gulf to maintain pressure and enhance oil recovery.
and will contribute to investment companies in raising production from the fields of oil Artawi River bin Omar and construction of energy infrastructure, said a blessing that the scheduled use of revenues generated byincreased production from the two fields to repay investors dues.
the Under the ministry said Iraq is working with BP to update the outdated facility to pump water in Karma , north of Basra to supply the oil fields of Rumaila, Zubair necessary to promote the production of water. is
currently pumping project more than a million barrels of water per day and there are plans to increase production to three million barrels.
being Iraq talks with foreign engineering companies to build a new port oil Barre to increase the export capacity of the country, and will reach the export capacity of the new port to 2.5 million barrels a day.
he said a blessing , “we chose the right place for the port to export the new oil, which will ensure that we have thefull flexibility to export oil additional product” .