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$ 571.4 billion in licensing revenues in 8 years DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

$ 571.4 billion in licensing revenues in 8 years

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$ 571.4 billion in licensing revenues in 8 years Empty $ 571.4 billion in licensing revenues in 8 years

Post by RamblerNash on Fri Mar 29, 2019 10:22 pm

$ 571.4 billion in licensing revenues in 8 years

$ 571.4 billion in licensing revenues in 8 years Story_img_5c9e77103604d

2019/3/29 22:50

The oil licensing rounds in the country have achieved "great achievements in raising the capacity of production of crude oil to unprecedented numbers," a senior official in the Iraqi oil sector said on Friday evening.

He said Abdul - Mahdi al - Amidi , Director General of the Department contracts Petroleum and Licensing Iraqi Oil Ministry in a lecture today that the licensing rounds concluded with the giant companies contracts "recorded an important turning point" in the oil industry in the country to develop oil fields, most notably Rumaila, Zubair, crazy and West Qurna , the first, second and Halfaya fields of Maysan .

He explained that Iraq produced from all the fields of licensing rounds managed by foreign companies for the period 2010-2018 more than 8 billion and 500 million barrels of crude oil, and achieved financial returns exceeded 571 billion and 400 million dollars.

Al-Ameedi pointed out that the net profits of foreign companies operating in licensing rounds amounted to about 7 billion dollars for the period 2010-2018.

Al-Amidi said that the General Authority for Iraqi taxes achieved for the same period financial profits exceeded 2.5 billion dollars, while the cost of production of a barrel of Iraqi crude oil capital and operating and wages profitability of 9 dollars and 5 cents, while the cost of production will continue to fall below this rate annually.

He said that Iraq has a large project in cooperation with one of the international oil companies, called "the South Integrated Project to develop the fields of Ben Omar and Artawi, and build a project of seawater to address the oil fields, and expand the export capacity of crude oil to more than 6 million barrels per day

He added that Iraq" Is currently in contact with Kuwait and Iran, to resolve the issue of oil fields of the border joint, and that negotiations with Kuwait has made significant progress in the contacts with Iran did not register any formula of agreement.


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