Iraq’s Oil Ministry releases information about next round of bidding
An aerial view of an oil refinery on the outskirts of the city of Karbala in central Iraq. Photo: AFP
Baghdad (IraqiNews.com) – Additional projects and improved contractual conditions are being added by the Iraqi Ministry of Oil in an attempt to attract international investors for its next licensing rounds.
The Oil Ministry in Iraq is hoping to attract multinational energy corporations back into its oil and gas industry by enhancing contractual conditions and expanding its ambitions to give up more area to foreign investors, according to the Iraq Oil Report.
The Iraqi Oil Ministry decided to add six extra investment opportunities to the 24 it had originally planned to offer over the two upcoming contract auctions.
According to a promotional document communicated by the Oil Ministry to international oil companies, the sixth bidding round now has 14 opportunities, while the so-called ‘fifth-plus’ bidding round now has 16 projects.
Iraq has set a deadline of January 2024 for foreign energy companies to submit official letters of intent to participate in its fifth-plus and sixth licensing rounds to increase gas output and reduce imports, according to Reuters.
The second-largest oil producer in OPEC is offering 30 new oil and gas projects in the two licensing rounds, covering different areas of the country.