Iraqi Economists Network

شبكة الاقتصاديين العراقيين

Latest Economy News

Iraq invites foreign bids for oil, gas blocks in new areas

Oil worker in front of oil fields

Mr. Jabbar Ali Hussein Al-Luiebi the minister of oil declared to hold a press conference to invite the international companies to participate & invest in the exploration, development and production of 9 borderline blocks.

The blocks has hydrocarbon contents and one of them is located in the territorial waters.

Mr. Al-Luiebi said that the ministry is aiming via this licensing round to increase the national production & reserves of oil and gas via the best investment for the national wealth by cooperation with the international companies to develop and produce from the mentioned exploration blocks which are located on the borders with Kuwait and Iran. He said also that the ministry of oil will declare the names of the blocks in the provinces of Basrah, Maysan, Muthanna, Wasit and Diala, in addition to one block in the territorial waters in the south of Iraq.

Mr. Al-Luiebi said that the contracts of this round will be different from the previous licensing rounds and the ministry of oil is going to depend on new modules by dealing with the companies which are desiring to invest according to the national interest to develop the oil & gas industry in the country to guarantee higher outcome to the federal budget, which will contribute to develop and enforce the economic growth.

Source: Ministry of Oil,27-11-2017


Comment here

%d bloggers like this: