Iraq’s oil revenues will reach one trillion and a half trillion dollars over the next ten years

In the analytical study: Iraq’s oil revenues will reach one trillion and a half trillion dollars over the next ten years

On: Sun 02/12/2012 11:39

Baghdad (news) .. Expected economic analyst cute Abdel Salem Ugaili the arrival of Iraq’s revenues of oil during the next ten years to a trillion and a half trillion dollars in the case of exploitation of oil well, and the discovery of oil fields other than through licensing rounds to come. 
said Ugaili in the analytical study prepared by the (agency news) today Sunday: to Aikhamrna doubt that the building on the rules of solid economic is one of the most important elements of building a modern state that require system administrative advanced for managing events and activities pathways reflect the clarity of economic philosophy adopted in the resources of the country’s economic, to ensure you get the best results and most influential. 
  attributed Ugaili to contracts with oil companies in the past, reflected the Iraqi experience, the lack of mechanisms for clear policies to manage the Iraqi economy, after the failed programs of successive Governments to manage the country in the crystal clear strategy for the Liberation of the Iraqi economy from a node unilateral rode Mujtha since the second half of the last century, which has become the use of proceeds derived from crude oil sales to pay the expenses of the State at the expense of spending on municipal services, social and development, the common denominator to the trends of the Iraqi state in the various stages. 
and pointed out: that the Iraqi economy subjected to distortions and imbalances sharp in its formation, leading to increase the size of economic and social problems that affected the process of distribution of resources because of the difficulty of the events that the country experienced in the last two decades of the last century, particularly the war and its consequences disastrous embodied most notably in the international sanctions, the heavy burned firepower of our people for more than a decade, as well as the isolation of Iraq’s international and regional led to his living outside the circle of scientific development and technological progress accelerated. 
promised Ugaili main difficulties that still lives under the brunt of the Iraqi economy is the structural imbalance of the national economy by relying basis and the president on oil, which caused an increase of the proportion of the quarrying industries of gross domestic product (GDP) at the expense of decline in productive sectors economy is fundamental to agriculture, industry, tourism and other economic activities, in addition to unemployment, which increased their rates realism to rates unacceptable in a country rich in such as Iraq, where they exceeded their rates exceeded (50%) according to the statistics of some government institutions, and many NGOs. 
He continued, as well as the poverty that has reached per year 2007 to (37%), according to more applied studies, debts of Iraq, which he inherited from the legacy of the former regime, as well as borrowing again from the International Monetary Fund and World Bank. 
He said his study: that among other vital sectors covered by this fact is the oil sector, which still suffers from a lot of issues that are related Bbnah infrastructure and the level of development of fields that are not able to increase the level of oil production to levels close to the share of energy export to the region accredited by the Organization of Petroleum Exporting Countries (OPEC), as well as the failure of oil refineries owned by Iraq ten years, compared to refineries neighboring countries, as a result not subject to the business and requires the development work since 1980, according to statements by officials in the Ministry of Oil. 
He Ugaili: that because of the importance of the oil sector, as a strategic sector that adopted by the State mainly in the financing of public expenditure from without the benefit of these revenues in the development of other economic sectors, as well as the giant oil industry itself, the management of the oil sector found itself in dire need to adopt policies and promising, they can contribute to the task of rehabilitation of this sector and the development of joints in order to strengthen the national economy and bail him out of the state of deterioration that hit various sectors. 
He said that while building the hopes of government and the popularity and wide adoption of the Oil Ministry’s policy could strengthen the national economy, guided management of the oil sector to pursue a policy of investment licenses to drive numbers rates of daily production of oil to the curves higher; in order to achieve financial savings by required by the task of rehabilitation of the elements of the national economy. 
and commented on this: Despite the blessing of administrative leadership in this direction, the oil licensing rounds, the three signed by the Ministry of Oil with a number of specialized international companies, immune from skeptics not to legality and non-constitutionality, it is still controversial wide, and rejected by some specialists, as well as some of the partners of the political process. 
said Ugaili studied the task of developing Iraq’s oil industry centered to begin the development of oil fields currently producing, as well as the development of discovered fields and is invested by up to (63) field, where the number of fields are invested does not exceed (17) field, as well as the development of processes exploratory in order to find new oil fields. 
  He pointed out that: the adoption of this activity is justified by the need for Iraq large to provide materials for reconstruction on the back of the destruction of infrastructure and superstructure and the increasing burden of debt incurred by him, as well as the escalation of crises own sector of municipal services and social hit most of its neglect for years, which necessitated the need to work on securing the appropriate environment for the development of the oil industry, calling to take advantage of the high level of expertise and technologies owned by international companies specialized oil industry, which had taken Oil Ministry adopt a policy to attract international companies, the failure to adopt national investment, which is characterized not effective in the present time; the small potential and the lack of resources. 
and gesture that the Oil Ministry in accordance with these justifications objectivity proceeded to the formation of the Department of Contracts and Licensing Petroleum, which came in line with the oil and gas law, according to officials manage the oil sector. Have been successful this cycle of the implementation of three rounds of licenses according to Iraqi legislation in force, as well as announcing the beginning of 2011, its intention to establish a tour of new licenses for the development of six oil fields productive and gas fields. 
He stressed the necessity of activating the existing legislation as well as new legislation such as tax law foreign oil companies No. (19) for the year (2010), and the law of commercial arbitration in order to contribute to strengthening the rule of the state of its oil wealth and reduce unemployment. 
and seal economic analyst, his reference to the oil licensing rounds through significant results that will lead to, and fully reflected the effects of positive on the Iraqi economy, as it will lead to the arrival of proceeds derived from sales of crude oil during the next ten years to one and a half trillion dollars.