Page 13 - MEOG Week 09 2023

MEOG NEWS IN BRIEF MEOG

POLICY Based on the legislation approved on completing the exit process from the Galoc oil
Wednesday, the General Staff of the Armed production project in the Philippines - Galoc
Iraq to increase female Forces is allowed to export three billion euros is a producing conventional oil field located
worth of crude oil and oil products through
in deepwater in Philippines and is operated
participation in the oil small private refineries after the approval of by Nido Production (Galoc) - adding that the
the country’s budget organization.
company entered into the Galoc production
sector year, starting March 21, the government had project in the Philippines during fiscal 2012,
In the budget bill for the next Iranian
during which the project achieved losses
On February 28, the Oil, Gas and Natural granted new permits to some departments amounting to $3.128 million, reports Al-
Resources Committee in Iraq’s House of such as the General Staff of the Armed Forces Jarida daily.
Representatives revealed the percentage of the Islamic Republic to sell oil on behalf of This brings the total accumulated net
of women’s participation in the oil sector, the government and earn some of the income. losses of the project since its acquisition until
stressing the importance of women’s According to the Note 1 of the bill - titled the end of fiscal year 2021 to about 105.73
participation in this important sector. “Oil and its relations with the government” - million, or 59% of the capital.
Committee member Zainab al-Moussawi the National Iranian Oil Company is obligated The source said that the procedures for
told the Iraqi News Agency (INA): “The to deliver “crude oil and gas condensates” to withdrawing from the company’s share in the
percentage of women’s participation in the entities introduced by the executive bodies. It project, which amounted to 26.8%, came out
Iraqi oil sector, such as fields and refineries, means that the Armed forces can give crude of the absence of economic benefits, adding
does not exceed 1% compared to 99% for oil to refineries and receive products that that the procedures for the withdrawal process
men, whether they are Iraqis or foreigners.” should be exported. were started at the end of the fiscal 2020,
She added, “The Ministry of Oil must Iran, which is under US oil export adding that this came based on a decision
take several measures to increase the rate sanctions has used this method before to No. 38/2021 dated 12/14/2021 issued by the
of women’s participation in the oil sector, make illicit oil shipments. However, in the company’s board of directors by rescheduling
including increasing the number of women past this has led to large corruption cases. and increasing capital costs by $165,000,
admitted to the Ministry’s Oil Institute, as well According to legal experts, this method including abandonment costs, so that the total
as coordinating with the Ministry of Higher of allocating money to government entities approved cost of the project until the end of
Education and Scientific Research to increase violates the constitution. fiscal year 2021 is about $179.689 million.
study seats in the academic and higher studies It remains unclear who and under what The source added that the company
of oil and gas majors for women.” . conditions will export the oil amid US has, during the past, re-examined the oil
Al-Moussawi emphasized, “the need for sanctions. Many members of Iran’s hardliner reservoirs and reserves of the project, which
equality between men and women in working dominated parliament are former members of showed a decrease in the reservoir pressure
within the oil sector, and not relying solely on the IRGC. with an increase in the water level which led
men, such as managing important positions IRAN INTL to a decrease in oil reserves, indicating that
or working in Iraqi oil fields.” this project was on the company’s exit list
INA since the past years. The source pointed out
COMPANIES that the company is currently carrying out
Iran to allow armed forces KUFPEC opts out of exit procedures according to the provisions
mentioned in the contracts concluded with
to sell oil the operator and the Philippine Ministry of
Energy, proving dues and collecting what
Iran’s parliament has approved legislation to Philippines project is approved after the approval of all parties
allow the government to allocate 3 billion An informed oil source confirmed that as stipulated in the procedures agreed upon
euros to the Armed Forces “to strengthen the the Kuwait Foreign Petroleum Exploration between the operator and all partners.
country’s defense infrastructure”. Company (KUFPEC) is in the process of ARAB TIMES

Week 09 01•March•2023 www. NEWSBASE .com P13