5:03 PM [SWFloridaGuy] 7-17-2012 HCL: Parliamentary calls on the need to approve the oil and gas law. Everyone understands the need for the enactment of the HCL, but there are differences on some points, revealing a tendency to adopt the draft law of 2007 in the forthcoming discussions.
There are different views on the draft oil and gas laws at hand, but got a meeting Wednesday, and the trend is moving towards the adoption of a bill. The draft law agreed by the federal government and the provincial government while retaining the right to make changes, amendments and add.
In the meantime, the Ministry of Oil signed a contract initially with a consortium of Kuwaiti and UAE and Turkey, for the development and rehabilitation of areas in exploratory eighth in the province of Basra in the licensing round. The contract will be forwarded to the Cabinet for review and approval and to identify the date of the signing of the contract is final.