Iraqi oil minister to face House today
Web posted at: 6/23/2009 7:15:11
Source ::: REUTERS
BAGHDAD: Iraqi Oil Minister Hussain Al Shahristani will appear before parliament today to defend the country’s first major auction of oil field contracts since the fall of Saddam Hussein, officials said.
Some lawmakers doubt the contracts are in Iraq’s best interests, arguing the country has already invested large sums of its own in the fields, and they want to grill Shahristani on the details.
Oil Ministry spokesman Asim Jihad said Shahristani and senior officials from the petroleum contracts and licensing directorate would answer questions and remove any “ambiguity” about the deals, which are due to be announced on June 29-30.
Eager to win access to the world’s third-largest oil reserves, 32 of the world’s biggest energy companies have qualified and paid to take part in the tender. But the fixed-fee service contracts to develop Iraq’s six biggest producing oil fields and two undeveloped gas fields have drawn criticism within the state-run oil sector.
The tenders are a cornerstone of the country’s plans to boost output to over 6 million barrels per day from 2.3-2.4 million b/d within five years. Baghdad needs cash from bigger oil sales to rebuild after decades of conflict. The secretary of parliament’s oil and gas committee said the minister had to explain his approach.
Web posted at: 6/23/2009 7:15:11
Source ::: REUTERS
BAGHDAD: Iraqi Oil Minister Hussain Al Shahristani will appear before parliament today to defend the country’s first major auction of oil field contracts since the fall of Saddam Hussein, officials said.
Some lawmakers doubt the contracts are in Iraq’s best interests, arguing the country has already invested large sums of its own in the fields, and they want to grill Shahristani on the details.
Oil Ministry spokesman Asim Jihad said Shahristani and senior officials from the petroleum contracts and licensing directorate would answer questions and remove any “ambiguity” about the deals, which are due to be announced on June 29-30.
Eager to win access to the world’s third-largest oil reserves, 32 of the world’s biggest energy companies have qualified and paid to take part in the tender. But the fixed-fee service contracts to develop Iraq’s six biggest producing oil fields and two undeveloped gas fields have drawn criticism within the state-run oil sector.
The tenders are a cornerstone of the country’s plans to boost output to over 6 million barrels per day from 2.3-2.4 million b/d within five years. Baghdad needs cash from bigger oil sales to rebuild after decades of conflict. The secretary of parliament’s oil and gas committee said the minister had to explain his approach.