Iraq is considering holding a fourth gas bidding round for exploration contracts according to government officials, Reuters reported.
Iraq’s Oil Minister Abdul Kareem Luaibi said that initially offer 12 exploration blocs without going into any further details, the newswire reported. Abdul Mahdy al Ameedi, head of the ministry’s licensing and contracting office said that the bidding round will be only for gas blocs as Iraq does not need to auction anymore oilfields after two oil bidding rounds in 2009.
“The fourth bidding round which Iraq is preparing for will be for the exploration of gas blocs,” Ameedi said.
He also said that the country’s current oil production has reached the daily rate of 2.7 million barrels which is the first time Iraq has produced as much in 20 years.
“This was achieved through Iraq’s national effort and the work of the international oil companies,” Luaibi said.
Iraq raised its proven oil reserves figure by 25% in October to 143 billion barrels in a bid to match the clout of leading producer Saudi Arabia and strengthen its case for OPEC to grant it a higher output quota.
Until the revised estimate, Iraq’s proven reserves had been put at 115 billion barrels, already the world’s third largest, however this was based on outdated data.
