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Естественно-гуманитарные исследования № 2 (46), 2023_149
Разработанные рекомендации помогут улучшить состояние и повысить уровень использования основных производственных фондов ОАО «Завод бурового оборудования», что в конечном итоге, поспособствует повышению отдачи созданного производственного потенциала и более полному удовлетворению потребностей общества.
Источники:
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5. Дубинина Н. А. Методический поход к оценке эффективности использования основных средств предприятий теплоэнергетики / Н. А. Дубинина, В. Н. Понтус // Вестник АГТУ. 2016. № 2 (62). С. 88-96.
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8. Копотилова В.С. Основные средства: сущность и методы использования / В. С. Коптилов // Дискурс. 2017. № 4 (6). С. 135-144.
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10. Мельник М. В. Анализ финансово-хозяйственной деятельности предприятия : учеб. пособие / М. В. Мельник, Е. Б. Герасимова. М. : ФОРУМ : ИНФРА-М, 2008. 192 с.
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12. Разиньков П. И. Проблемы повышения эффективности формирования и использования основных производственных фондов предприятия / П.И. Разиньков, О.П. Разинькова // Вестник Тверского государственного университета. Серия: Экономика и управление. 2019. №3(47). С. 110-119.
13. Савицкая Г. В. Анализ хозяйственной деятельности : учеб. пособие / Г. В. Савицкая. 4-е изд., испр. и доп. М. : ИНФРА-М, 2006. 288 с.
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EDN: SDTKSC
Т.А. Макареня - д.э.н., заведующий кафедрой инженерной экономики, Южный федеральный университет, Ростов-на-Дону, Россия,
Т.А. Makarenya - doctor in economics, head of the department of engineering economics, Southern Federal University, Rostov-on-Don, Russia;
Али Аль-Убайди Ахмед Ибрагим Хусейн - аспирант, Южный федеральный университет, Ростов-на-Дону, Россия; ассистент преподавателя, Министерство высшего образования и научных исследований Ирака, Багдад, [email protected],
Obaidi Ahmed Ibrahim Hussein - phd student, Southern Federal University, Rostov-on-Don, Russia; assistant lecturer, Iraqi ministry of higher education and scientific research, Baghdad
АНАЛИЗ НОВОГО РАУНДА ЛИЦЕНЗИРОВАНИЯ НЕФТЯНЫХ МЕСТОРОЖДЕНИЙ В ИРАКЕ ANALYSES A NEW OIL LICENSING ROUND IN IRAQ
Abstract. During and after the granting of oil licenses in the previous four rounds in Iraq, during the period year 2009 to year 2012, in some of the contracts' discussions in these licenses, in the public domain, the issue of the contractor's rate of rate of return on his invested capital was mentioned, since he is the one who spends on capital, operating costs and objectives to make a profit . Therefore, there is a minimum or acceptable rate of return on his invested capital, which is used in the implementation of contracts, so that he refrains from entering into the contracting or continuing with it if the rate of return falls below this minimum or acceptable level. However, the awarding of contracts in those rounds was not the most important criterion, among many other criteria, to achieve a specific rate of return for the contractor, but rather to pay the lowest fee, Remuneration Fee, expressed as a fixed amount per barrel produced. Therefore, there is no reference in the available evidence issued by the Ministry of Oil for the contracting conditions in those rounds. Keywords: Iraq, licensing round, oil production, trends, OPEC.
1- Iraqi oil round licensing before OPEC+ plan in year 2023
The statement of the Joint Ministerial Monitoring Committee of the "OPEC +" alliance stated that the additional voluntary reduction in oil production will be 1.66 million barrels per day.According to the statement, Members of the Joint Ministerial Committee for Production Monitoring in "OPEC Plus" reaffirmed their commitment to the declaration of cooperation that will continue until the end of 2023 AD, as agreed upon at the thirty-third ministerial meeting of OPEC member states and participating countries from outside it, which took place on October 5, 2022 AD. Size of the voluntary oil production cut will be 1.66 million barrels . The meeting noted the following voluntary production adjustments announced on April 2, 2023 by the Kingdom of Saudi Arabia by 500,000 barrels per day, the Republic of Iraq by 211,000 barrels per day, the United Arab Emirates by 144,000 barrels per day, and the State of Kuwait. by 128 thousand barrels per day. The statement stated that the aforementioned amendments will be in addition to the voluntary amendment announced by the Russian Federation, by 500 thousand barrels per day, until the end of 2023 AD, which will be from the average production levels as estimated by secondary sources for the month of February 2023 AD. The meeting indicated
that this step is a precautionary measure aimed at supporting the stability of oil markets .OPEC + has become stronger than ever, with the alliance making sure that there will be no increase in US production due to "zero carbon" policies .A weak investments of oil companies came due to the policies set by US President Joe Biden. The forty-ninth meeting of the Joint Ministerial Committee to Monitor Production is scheduled to be held in June 2023.
Authors can be show the size of the voluntary oil production of OPEC + and share of Iraq as following:
In explaining the motives for abandoning a fixed fee " profit wage " fixed in the Ministry of Oil's expressions) for the produced barrel in favor of sharing the contractor's profits in the fifth round, the website focused, on May 31, 2018, on two main motives, from the ministry's point of view They are: (a) the contractor will not get a fee for his fees until profits are realized, and (b) the contractor will be keen to minimize cost.
Fig 1 : Size of the voluntary oil production of OPEC + and share of Iraq
Iraq signed contracts with foreign companies on Tuesday 21st February 2023, as a part of the fifth round of oil licensing for oil patches and border fields . From the fifth licensing round, Iraq aspires to produce 250,000 barrels of oil with one million cubic feet of gas per day, in a step to reduce the burning of associated gas. the delay in implementing the fifth round of oil licensing for 5 years has caused the country great losses and environmental damage, stressing that "the trend towards investment in associated gas and natural gas stems from a firm conviction, to achieve economic reforms that are a main focus in federal government program.
Iraq signing ceremony with the winning companies of the fifth round of border licensing contracts .These contracts include the development of (6) fields and exploratory blocks as following:
First: (exploration, development and production of the exploratory block, Oil Khana, in Diyala Governorate, and it was referred to the Chinese company (Geo Gide)
Second: Development and production of the Al-Hawiza oil field in Maysan Governorate, which was also referred to the Chinese company (Geo Gide).
Third: Development and production of the Sinbad oil field in Basra Governorate, which was referred to the Chinese company (UIG).
Fourth: Development and production of (Kalabat-Qamar) fields) in Diyala Governorate and it was referred to the UAE (Crescent Petroleum) Company.
Fifth: Development and production of (Khashm Al-Ahmar-Anjana) fields in Diyala Governorate and it was referred to the UAE (Crescent Petroleum) Company.
Sixth: Exploration, development and production of the exploratory patch (Khidr El-Maa) in Basra Governorate, and it was referred to the Emirati company (Crescent Petroleum).
The fifth licensing round differs from the previous rounds, as it is concerned with border patches, part of which is cross-border, in order to optimally invest the oil and gas resources in those areas and achieve maximum benefit from those fields and exploration patches of the country.
We can summarized total production rate, costs and revenues of fifth oil licensing round in Iraq as following.
Table 1 - Total production rate, costs and revenues of fifth oil licensing round in Iraq
Statement Value
Total production 4805000 barrels
Crude oil and condensates 3581000 barrels
Associated natural gas (billion cubic feet) 6,947
Total revenues 300 $ billions
Iraqi government share of revenue (billion dollars) 623 ( 88%)
Field development costs (capital and operational) in billions dollars 24 (8%)
contractor profits ( billions dollars ) 13 (4%)
Source: prepared by authors according to Iraqi ministry of oil data.
As the importance of investing in oil wealth aims to improve the living situation by employing the labor force and improving the infrastructure in addition to strengthening oil and gas reserves and increasing production capacities, especially in the central and southern regions, which contributes to increasing the country's financial imports by increasing the export capacities of crude oil and reducing or eliminating the need for Importing gas to operate gas electric stations.
The fifth round from the contracts of the previous four licensing rounds is the strengthening and support of the contractual and legal aspects that are primarily in the interest of the Iraqi side, in addition to adopting a financial system that guarantees the protection of the Iraqi side's revenues from economic risks by adopting the principle of profit as a percentage and not as a fixed number (which It was approved in the previous four rounds), in compliance with the budget
Естественно-гуманитарные исследования № 2 (46), 2023_151
laws for the years 2016, 2017 and 2018), which stipulate that contracts include an equation linking cost recovery to the oil price.
2- advantage of the advantages of an effective financial system in Iraqi oil sector:
This model takes advantage of the advantages of an effective financial system to share risks with operators, while emphasizing the Iraqi people's ownership of all oil and gas, whether stored underground, extracted or sourced, as well as not mortgaging any quantities or ownership rights to any party other than the Iraqi government.
- Linking the recovery of petroleum costs with international oil prices in order to ensure a rewarding return for the government in conditions of low oil prices, as the government's share reaches 70 % of the total revenue when the price of a barrel reaches the current 22 dollars.
- Obliging contracting companies to rationalize and limit their expenditures for the necessary requirements of petroleum operations by linking their profits to rationalizing expenditures, controlling development costs, and achieving the planned production rates for each field with the maximum possible efficiency.
- Introducing the idea of royalty in the commercial model of contracts at a rate of 25 %. This will achieve stability for the minimum direct revenues of the Iraqi government during the period of recovering the oil costs of the field. all transactions of transferring and selling shares between qualified companies shall be subject to a fee of 35 % of the total value of the transaction, provided that it is amended in the event of the issuance of the Capital Gain Tax Law.
- Giving preference to Iraqi sub-contractors in obtaining sub-contracts, even if the prices of their offers are higher than foreign sub-contractors, at a rate determined by the instructions.
- Cancellation of administrative overhead charges 1% of petroleum costs, and this saves considerable amounts for the government.
The total financial returns for the government are the proceeds + tax + the remainder of the net financial returns remaining after paying the profitability to the contractor, in addition to the ownership of the assets.
Not allowing the contracting company to transfer or assign its share of participation in the contract to another company unless this company is qualified by the Ministry of Oil.
In front of the production expected to be achieved from the fields and plots allocated within this round are:
Crude oil production at a rate of 250 thousand barrels / day.
Gas production at a rate of 1000 cubic meters/day
The importance of final signing and expediting the activation of contracts in order for the winning companies to start the work of developing border fields and exploratory patches, after the approval of the Council of Ministers, in its session held on February 7, 2023, on the recommendation of the Ministerial Council for Energy 23015-d for the year 2023, which stipulated: Proceeding with the final signing and activation of the contracts of the licensing round for the border plots and fields (the fifth round), since a very long period has passed since their transfer.
In late April in year 2018. The tour was conducted, which resulted in the referral of (6) exploratory plots for development by the winning companies in the round. Basra, and it was referred to the Chinese company Geo Jade as well, and the development and production of the Sinbad oil field in the Basra governorate, and it was referred to the Chinese UAG company, and the development and production of the Kalabat-Qamar fields in the Diyala governorate, and it was referred to the Emirati company Crescent Petroleum.
In year 2023, Iraq produces more than 4.5 million barrels of oil per day, oil sector's imports represent more than 94 % of the country's GDP, at a time when Iraq is the second largest country in burning natural gas, with losses estimated by the government at about $6 billion annually.
The importance of the fifth licensing round lies in the fact that it will invest in the border fields with neighboring countries, as they will be converted into productive fields that add large quantities of crude oil and gas to local production. the production rates from these fields, they will reach 250 thousand barrels of oil per day, in addition to the production of between 800 thousand and one million standard cubic feet of gas per day, with the possibility of doubling this production during the progress of development operations that will be sponsored by the companies, which contributes to In providing part of the local need for gas to produce electric power, as well as stipulating contracts to operate the Iraqi workforce by 90 %. Iraq began for the first time investing in the field of gas associated with oil production operations, especially since the country spends annually an amount of 12 billion dollars to import foreign gas. Iraq began for the first time investing in joint fields with neighboring countries such as Iran and Kuwait, expecting that the financial revenues from the last licensing round would reach about $300 billion.
Expected daily production rates from the round contracts amount to 1000 million standard cubic feet per day of associated gas, in addition to quantities of crude oil of about 175 thousand barrels per day, which will contribute to the processing of electric power stations with a rate of (25 %). % of the gas needs of the Ministry of Electricity, after completing the formation of the permanent parliamentary committees in Parliament, including the Oil Committee, among its priorities will be opening the file of the oil licensing rounds, and knowing their pros and cons on the oil sector.
Between year 2009 and year 2018, Iraq has five licensing rounds for oil and gas fields, in which international companies participated. Iraq owns 73 oil and gas fields, distributed among five government oil companies that are responsible for developing oil and gas fields in the governorates in which they operate. technical, development and production services, exploration and production development services, and gas development and production services. There are 18 service contracts were signed, 4 of them in the first licensing round, in the second, 3 in the third and 4 in the fourth, in addition to the Al-Ahdab oil field contract and the contract for the eastern Baghdad field (southern part).
3- Analysis of Iraqi oil licensing round 2023.
A licensing rounds were new to the Ministry of Oil, and there were some mistakes, most notably contracting for oil extracted in fixed quantities, and the government has no right to reduce it, in addition to many environmental and health problems caused by the work of licensing round companies that led to the many cancerous diseases.
Now , we can explain some weaknesses licensing round is that most of the fields are border 4 oil and 2 gas, the most prominent observations on the fifth licensing round are represented in the absence of a specific production program that obliges companies with specific quantities of oil and gas, in addition to that it gives the contracting companies absolute control over the percentages of revenues from those fields, in exchange for a decline in the government authorities' share of the revenues to less than 45 %, as well as the length of time for contracts of more than 30 years. Determine production in the next stage is incorrect, and what is there is only expectations. The Ministry of Oil expects that these fields will produce after 3 years in the two gas fields 1,000 Million Cubic Meters and there is nothing in the licensing contracts that obliges companies to produce quantities.
Iraqi Self-sufficiency in gas and dispensing with Iranian gas during the coming years is a fantasy, because the sufficiency rate is 43 % and that Iraq imports 57 % of its gas need, indicating that it imports gas from Iran in the range of 50 million cubic meters per day, in amounts up to For 4 billion dollars annually, Iraq would dispense with Iranian gas during the next five years.
If Iraq succeeds in adding 1,000 cubic meters of gas to its production, this will not contribute to self-sufficiency, indicating that in the event of the completion of 4 major projects for oil production in southern Iraq and focusing on the gas fields in Mansouriya and Akkas in diyala city in the North of Iraq , in addition to the implementation of French Total contracts, Iraq may reach self-sufficiency .Fifth licensing round as a bad round that paves the way for more legal violations in the field of oil contracts. The fifth licensing round is bad and gives legitimacy to illegal production-sharing contracts in Kurdistan, one of the things that confirms bad retirements is that some contracts were awarded to companies placed on the blacklist because of their work in the oil fields in the Kurdistan region in violation of the law, indicating that that company, "Al-Hilal Company", which operates in Kurdistan, is involved with the authorities of the region by seizing 95 billion A dinar from the Khormor gas fields in Kurdistan, which began working during the era of the former regime.
Iraq's dispensation of Iranian gas and Iraq's independence in the field of energy is a big lie that the authorities in the country are trying to promote while it does not exist in reality, because Iraq consumes 5,500 cubic meters of gas per day in the field of electricity only, and in the event that 1,000 cubic meters are added in the current fields. As part of the last licensing round, Iraq will produce only half of its need for gas that powers electricity only, indicating that Iraq's actual need for gas reaches the limits of 11,000 cubic meters per day to operate electricity and for industrial and daily household and other consumptions.
Despite the negatives recorded in the fifth licensing round, they are better than the previous rounds, according to economists and energy experts. They believe that investing in common fields is better than neglecting them, especially since neighboring countries had actually started investing in these fields, and that Iraq had incurred economic losses.
References:
1. Iraqi news Agency " In numbers expected production rates from the fifth licensing round in Iraq ", Accessing the website https://www.ina.iq/178780--.html On 01.04.2023.
2. The official website of Iraqi Oil ministry , https://mdoc.oil.gov.iq/?article=104 On 02.04.2023.
3. Shafaq News " Is investigating the advantages of the fifth licensing round compared to its predecessors: an increase in returns " Accessing the website https://shafaq.com/ On 03.04.2023.
4. Iraqi Prime Minister inaugurates the signing of the fifth licensing round , Accessing the website https://alsabaah.iq/71972-.html On 04.04.2023.
5. Iraq expects oil and gas production to rise following the new licensing round , Accessing the website www.alaraby.co.uk/economy On 05.04.2023.
6. Iraqi fifth round contracts obligated companies to employ Iraqis at least 90% , Accessing the website https://economy-news.net/con-tent.php?id=32580 On 06.04.2023.
