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<span>Petroleum License and</span> Contract Follow-up Department Petroleum License and Contract Follow-up Department

Petroleum License and Contract Follow-up Department

The department was established in the fourth quarter of 2018. It aims at reviewing and following up, legally and contractually, the petroleum contracts in which the Oil Exploration Company (OEC) is a party, in line with the OEC aim of maximizing the hydrocarbon reserve of our beloved Iraq, as provided for in the Law of Protection of Hydrocarbon Wealth No. 84 of 1985, and in line with the procedures and approach of the Ministry of Oil. The department is a link between OEC and the contracting parties. It consists of two sections:

  1. The Section of analysis Studies and Following up the State Partner.
  2. The Section of Following up Exploration Contracts.

These two sections achieve the main aims of the department including:

  • Preparing the draft agreements which OEC intends to conclude with the Arab and foreign parties, and following up their execution after signing until their items are performed.
  • Reviewing and following up, technically and contractually, the petroleum contracts in which OEC is a party, in line with the OEC aim of maximizing the hydrocarbon reserve of Iraq in line with the OEC aim of maximizing the hydrocarbon reserve of our beloved Iraq, as provided for in the Law of Protection of Hydrocarbon Wealth.
  • Following up the petroleum contracts in which OEC is represented as a State Partner, and attending the periodic meetings of joint management through the OEC representatives in these committees.
  • Following up the preparation of technical reports and risk analysis studies in exploration work and uncertainty by using the specialized software program “Petrel”.
  • Coordinating with the technical divisions in the company to review and analyze geological reservoir models received from the contracting companies, and expressing opinion about them and their suitability to achieving the objectives of exploration and development of exploration blocks.
  • Periodic reviewing of the petroleum contracts in which OEC is a party, legally and contractually, and their compliance with the central laws, instructions and directions according to the approach of the Petroleum Contracts and Licensing Directorate (PCLD).

The department reviews the agreements and petroleum contracts financially, conducts electronic archiving, documents information and Minutes of Meetings of the joint management committees of petroleum contracts. The department also continuously updates the databases which include the basic data of these contracts.