Experts Besrion: Iraq will not be able to invest the funds of licensing contracts
Economy, experts said on Monday that Iraq is far down in the drilling of oil wells and requires sophisticated equipment, that they will not be able to invest the money obtained from the licensing contracts in excess of production, and argued that tens of billions of dollars spent on the oil sector did not result in an increase in production .
This came during a panel discussion on the licensing round of oil fields entitled (oil licensing rounds .. the benefits and costs) organized by the Department of Economics in the Faculty of Management and Economics at the University of Basra today (Monday) and was attended by researchers Drs Hilfi Abdul-Jabbar, Nabil Jaafar Abdul Ridha.
Dr. Abdul Jabbar Hilfi told (Voices of Iraq) said that the Seminar "that included several topics, including the strategic importance of Iraqi oil and the competitiveness of the Southern Oil Company to develop oil fields," noting that the seminar "also discussed the licensing contracts of oil, between the entrance and the lucrative opportunities available and the general characteristics of the rounds Licenses oil. "
He added that Iraq is "much later in the drilling operations and requires sophisticated instruments and modern because the cost of drilling the well up to 600 thousand dollars."
Indicating that Iraq under the current parameters "will not be able to invest the funds will be obtained whether increased production processes in the second licensing round and agreed upon."
According to Dr. Nabil Jaafar that the amounts spent on the oil sector, which is estimated at ten billion dollars "will not contribute to increased production and the oil ministry was not consulted any of the provinces on the licensing rounds," adding that "the powers will overlap between national and foreign companies and that is not logical" .
He said that the department "should have been given licenses to non-productive wells, production wells and left for national companies," attributing the failure to extend the gas within the investment plans of the "pressures from the Gulf states developed in the production of natural gas."
For his part, Dr Yousef Ali Al-Asadi said the oil sector "over the several stages starting from the year 1927-1972 and the second from 1972-2009," returned to these two phases "Habhma imbalance in terms of direct control over oil or carry the national effort for oil."
It was to be Iraq "has failed to lift its oil production compared to neighboring countries, forcing the government to resort to licensing round to raise production and development, thus supporting the national economy, particularly that Iraq had large oil reserves."
Economy, experts said on Monday that Iraq is far down in the drilling of oil wells and requires sophisticated equipment, that they will not be able to invest the money obtained from the licensing contracts in excess of production, and argued that tens of billions of dollars spent on the oil sector did not result in an increase in production .
This came during a panel discussion on the licensing round of oil fields entitled (oil licensing rounds .. the benefits and costs) organized by the Department of Economics in the Faculty of Management and Economics at the University of Basra today (Monday) and was attended by researchers Drs Hilfi Abdul-Jabbar, Nabil Jaafar Abdul Ridha.
Dr. Abdul Jabbar Hilfi told (Voices of Iraq) said that the Seminar "that included several topics, including the strategic importance of Iraqi oil and the competitiveness of the Southern Oil Company to develop oil fields," noting that the seminar "also discussed the licensing contracts of oil, between the entrance and the lucrative opportunities available and the general characteristics of the rounds Licenses oil. "
He added that Iraq is "much later in the drilling operations and requires sophisticated instruments and modern because the cost of drilling the well up to 600 thousand dollars."
Indicating that Iraq under the current parameters "will not be able to invest the funds will be obtained whether increased production processes in the second licensing round and agreed upon."
According to Dr. Nabil Jaafar that the amounts spent on the oil sector, which is estimated at ten billion dollars "will not contribute to increased production and the oil ministry was not consulted any of the provinces on the licensing rounds," adding that "the powers will overlap between national and foreign companies and that is not logical" .
He said that the department "should have been given licenses to non-productive wells, production wells and left for national companies," attributing the failure to extend the gas within the investment plans of the "pressures from the Gulf states developed in the production of natural gas."
For his part, Dr Yousef Ali Al-Asadi said the oil sector "over the several stages starting from the year 1927-1972 and the second from 1972-2009," returned to these two phases "Habhma imbalance in terms of direct control over oil or carry the national effort for oil."
It was to be Iraq "has failed to lift its oil production compared to neighboring countries, forcing the government to resort to licensing round to raise production and development, thus supporting the national economy, particularly that Iraq had large oil reserves."