The formal signing Sunday of the final agreement for the development of the Majnoon oil field in southern Iraq by Royal Dutch Shell and its Malaysian partner Petronas, set the ball rolling for a series of signatures this week and next. By the end of January, all contracts awarded in the first and second bid rounds will become effective and operators will start the actual work on the ground. Southern…
Tag: SOC
Iraq Vs Opec
Thamir al-Ghadban writes: “In view of the country’s need for greater revenue to satisfy its people’s needs and its desire to improve the living conditions after the long years of deprivation; the lost capacity over the past three decades which benefited other producing countries many of which sit on hundreds of billions of dollars in sovereign funds; forecasts of future supply and demand and the expected decline in the output…
Wither INOC?
There is no chance that INOC draft law would be voted by parliament before the draft oil and gas law is legislated, according to Oil Minister Hussein al-Shahristani. Why? Because there is close linkage between the two laws as well as two other laws pending legislation; the oil ministry restructuring law and the revenue sharing law, “without which the state company would be paralyzed.” And that’s not all. There is…
INOC Draft Law
A Clarification about INOC draft law: The Council of Ministers (CoM) passed on July 28th by a majority vote a draft law for the re-establishment of Iraq National Oil Company “INOC”. A number of points were raised by the Shoura Council, Ministry of Finance, Ministry of oil and the Legal Directorate in the Council of Ministers Secretariat and a number of recommendations were made by the Advisory commission. All were…