Badara

[Drax]

OIL PRODUCTION POLICY ANNOUNCED
 
MANARA  ALBRAYD SRIA AL-MUSAMI
(If it’s in the Monsoon, it’s got to be true)


Finance Minister Mariamne al-Qassem
 
Finance Ministry, May 27, 5642: Finance Minister Mariamne al-Qassem announced the new policy for oil production saying:
 

First, I want to acknowledge the leadership of former Finance Minister Faisal Abu Saq in beginning the work on setting our policy for the structure of our oil extraction business.
 
Second, I also want to acknowledge this is essentially the structure set in place 700 year ago by the Free Radical Party when it held power.
 
The petroleum reserves of Jumhuriat al-Badara were nationalized by the preceding regime; accordingly, all the oil is currently owned by the Sovereign People of Badara. All. Extraction and sale of that petroleum will be again managed by the state owned Petroleum Development of Badara (PDB) and overseen by the Ministry of Finance. 
 
What will PDB do?  Primarily three things.  With an effect on a fourth.  It will lease the right to extract oil to citizens and businesses of Jumhuriat al-Badara. Only. We do expect Majatran Leasing Corporation (MLC) to go back into business.  Should the lessees actually produce oil, they will pay  royalties to PDB.
 
Second, leasing and royalty fees will be held in a fund in Central Bank drawing interest which ultimately guarantees the citizens’ government pension funds and medical benefit funds to aid with shortfalls and cushion strain on having enough funds for guaranteed benefits.
 
Third, PDB will assume control and continue operating many of the nationalized  oil fields currently in use. Why?  To insure domestic needs for oil and natural gas are not interrupted.
 
Fourth, when the international petroleum market takes an unfortunate turn, PDB can increase or decrease production as necessary to offset changes.
 
We are currently producing about 5 ½ mm barrels a day. This is less than half of what we produced at our peak and less than a third of what our experts say we could produce.  Our current thinking is about 8 million barrels a day will not affect the international price, and we will be conducting our leasing and monitoring with this in mind.
 
Those citizens and businesses of ours who lease the right to extract may employ others including foreign interests to provide expertise and even do extraction. And they may sell it paying the royalties to PDB of course.
 
We expect the former owners of Majatran Refining Company (MRC) to again take control of that moribund business in Al’Buqiyaa and produce refined petroleum products and liquefied natural gas. We understand Qat Oil Services (QOS) is returning to Jumhuriat al-Badata and will likely do much of the actual exploring and extracting for lessees.  The QOS oil fleet will also likely do much of the sea transport of crude oil, liquefied natural gas and refined petroleum products.

The leasing and royalty fees will not be exorbitant but will provide steady income to be used for the benefit of all the Sovereign People.  
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