The Fifth Economic Forum discusses oil contracts and their impact on production

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Part of the Fifth Economic Forum of the Iraqi Alliance for Transparency in the Extractive Industries
 
11/21/2021

Economy News - Baghdad

The Fifth Economic Forum of the Iraqi Alliance for Transparency in Extractive Industries discussed the reality of the transition towards clean energy and the role of oil licensing contracts in developing the oil sector.

A member of the coalition, Dr. Ali Nima said, "The forum is held periodically in order to shed light on the most important sector in Iraq, as it provides the federal budget with more than 90% of the revenues." 

He pointed out that "Iraq seeks a transition towards clean energy, in line with global trends, especially after joining the Paris Climate Agreement," noting that "this trend needs a decision that advances the infrastructure for the development of clean energy."

Nehme added that "the delay in investing gas by the oil companies came as a result of the lack of profits that derive from that, which resulted in the lack of investment in associated gas, despite the existence of clauses for its investment in oil contracts since the second licensing round."

The conference dealt with three axes, the first being the path of the energy transformation and its impact on Iraq, and the other axis; Prospects for development in the state's public budgets, up to contracts for investment in the field of energy and its transparency in Iraq.

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