Iraqi Oil Ministry initiates licensing rounds

Shafaq News / The Iraqi Ministry of Oil announced on Friday that Saturday will mark the beginning of the submission of bids by international companies for the licensing rounds conducted by the ministry.

Minister of Oil Hayyan Abdul Ghani stated that the ministry is working on developing promising oil and gas fields and exploration blocks in various sectors, highlighting the activation of the fifth licensing round that was previously frozen, along with signing new contracts with companies.

He explained that “the expected gas production from this round is estimated at about 800 million standard cubic feet per day,” emphasizing the urgent need for these quantities in Iraq.

According to the statement, “The ministry launched the fifth supplementary licensing round and the sixth licensing round, targeting 30 oil fields and exploration blocks located in the western borders of Iraq, starting from Nineveh, al-Anbar, Najaf, Karbala, and Diwaniya governorates.”

The statement further clarified that Saturday will be the date for presenting opportunities to 22 companies that have expressed their interest in obtaining them, including large and well-known international companies with a proven track record in the oil and gas sector.

Abdul Ghani revealed that “Iraq will obtain more than 3,459 million standard cubic feet per day of gas through these two rounds.”

On another note, the Iraqi Ministry of Oil activated integrated projects and signed memoranda of understanding, one of which is with a Russian company to invest in the Nasiriyah field with a capacity exceeding 300,000 barrels per day.

This includes oil production, gas investment for operating power stations, and establishing a refinery compatible with the oil production volume, as well as establishing a petrochemical plant in the same field.

Minister Abdul Ghani added that “there is another project, the Integrated Basra South Project, which invests in the Zubair oil field with a production capacity of 200,000 barrels per day.”

“The project includes oil production, gas investment, establishing a power station, as well as establishing a refinery and a petrochemical complex in the same field.”