According to the dinar news report, Iraq has awarded as a drilling contract with the Kuwait Energy. And with this Kuwait energy will explore the more oil reserves. With the Kuwait energy, Dragon Oil of United Arab Emirates, Turkey State Run TPAO. This is the three-member group that has won the contract during the public auction that was held from 30 may to 31 may wherein finally agreed value of $6.24 service fee per barrel. However, oil ministry of Iraq announced that TPAO was expelled from the project and it was supposed to develop within the oil-rich Basra province.
Observers are speculating that removal of turkey from the project is a sign of worsening ties between the two Middle Eastern countries, particularly after the head of oil ministry’s contracting as well as licensing department. Head of oil ministry named Abdul Mehdi did not point out the exact reasons behind all to know why TPAO was kicked off from the entire project. And many financial experts are trying to know the fact why the contract with TPAO was missed. But the facts will come in front very soon.
In my views to do with the non-technical issues and outside the responsibility of my office and me personally, the reasons for kicking out the Turkish company where the technical issues and outside the responsibility. And this is a final decision by the oil ministry of Iraq and their wills not any approval in this regard or any press release.
For more news about Iraqi economy and Iraqi Dinar Investment visit www.dinariraqi.com