Oil and gas law to enhance production and regulates the work

Oil and gas law to enhance production and regulates the work

8/6/2016 0:00

Iraqi oilHelps in supplying cutting – edge technology and internationally accredited
BAGHDAD – Imad emirate
said the scholar d. Ahmed Omar al- Rawi from Al – Mustansiriya Center for Arab and International Studies: After the change experienced by Iraq, had to be modified and the issuance of new legislation dictated by the nature of the developments and changes in the political and economic aspects of the local and international level, as legislation governing the energy investment (oil and gas) , the investment climate in order to create encourage foreign investment to help rebuild Iraq after disabling most of the economic sectors. The narrator in an interview with Ā«morningĀ» the need to complete the legal system support to encourage investment , particularly in the field of energy to maximize the investment in this vital sector so as to provide for the management of energy resources , institutional framework and achieves the highest levels of the economic viability of the country. Institutionalized system where indicated draft oil and gas law to form the founders of the system is the Federal Council for oil and gas, regional bodies and the Office of advisers as well as to regulate the role of existing institutions such as the Ministry of oil and BSA. He said al- Rawi, reinforcing the legislative role of the Parliament and the Council of Ministers of the Federal policy in the exploration, production and marketing of energy resources operations, adding that the passing of the bill will contribute to the transfer of modern technology to the oil and gas sector through the establishment of foreign direct investment companies in the industry, and will contribute to the training of national cadres working with those companies. among the narrator, when implementing the contents of basic oil and gas law is necessary to prevent the existence of regulatory and administrative loopholes for the oil and gas sector, as it explained the law a lot of material on the organization of the relationship between the legislative and executive institutions, as defined powers for each of the local departments of the provinces and territories and administration Federal. He noted the establishment of the Federal Council for oil and gas , which consists of membership of the ministers of oil, finance, planning and the central bank governor and a representative from each province increase its production from 100 thousand barrels of oil per day, as well as chief executives of the oil institutions and competent experts no more than three. oil policy He continued, reported the draft law take over the Federal Council for oil and gas responsibility of the federal oil policies and implementation plans and develop the fields and decide on exploration and production , and its amendments decades mode, as defined Article VII of the bill to the Council the right preparation and drafting of oil and gas federal laws, and the approval of the international oil agreements. drilling and production and said the narrator that the draft pointed to the inclusion of the bill all regions of Iraq organized by oil operations has not been limited so to specific areas, as well as the granting of licenses for oil operations on the basis of exploration and production between the oil ministry or body and regional companies and people of Iraqis and foreigners, while the granting of production licenses in the fields currently producing national oil companies. He concluded the narrator, he has said the law that held exploration and production really gives exclusively for exploration and production in the contract area, and gave the law the right of the investing companies the possibility to retain exclusivity rights for the refining and production of oil for a period not exceeding 20 years and can be extended for five years time one, as the investor may finance the net profits derived from oil operations out of Iraq after the payment of taxes resulting from his trust, and he may be re – invested within the scope of his employment contract.

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