Economy News _ Baghdad
Oil Minister Jabbar al-Luaibi announced on Monday the signing of three new contracts for the development and rehabilitation of oil fields and the exploration of the border with two Chinese companies.
Al-Allaibi said in a statement received by “Economy News” that “the ministry signed today three contracts with two Chinese companies and yesterday signed three more contracts with the company of the United Arab Emirates, and we have ambitious plans to develop these fields and dredging border exploration, adding that we will work to develop the remaining of the border fields, Five in the near future, “noting that” it is hoped that the rate of production from the six fields to 500 thousand barrels per day in the future. “
Al-Allaibi said that “the ministry hopes that the companies signed the six contracts to develop the necessary plans to develop and increase production rates in accordance with the time periods specified in the contracts concluded, as well as companies to implement service projects for areas surrounding the fields and patches exploration, and rely on the employment of Iraqi employment by not less than 95% “.
The Minister of Oil that “these contracts do not conflict with the work of joint committees with neighboring countries on the common border fields.”
For his part, the Director General of the Department of Contracts and Petroleum Licenses, Abdul-Mahdi Al-Amidi, said that “the Ministry signed with the Chinese company (GEO-JADE) two contracts for the development and rehabilitation of patches and fields in the (oil Canna) in Diyala province and (Huweiza) in the province of Maysan, With the company (UEG) of China to develop the field of exploration fields (Sinbad) in the province of Basra, “noting that” the ministry will send the six contracts signed with companies next week to the Committee on Energy in the Council of Ministers for the examination and ratification. ”