OPEC member Iraq has invited bids from multinational oil exploration firms to develop oil and gas sites as a part of its new licensing round, online news portal Zawya wrote in a report.
The reported cited a statement from the Iraq’s Oil Minister Hayan Abdel Ghani, which was carried by the local press, on Tuesday.
The oil minister revealed that 13 oil sites in various parts of Iraq are included in the “5 plus” licensing round.
“Through this round, the Ministry aims to boost the country’s oil and gas production and reserves, and encourage investment in the hydrocarbon sector in cooperation with global companies,” the Minister said. According to a Ministry statement carried by Aliqtisad News network.
The main purpose of this round of bidding is to increase oil and gas production, reserves, and attract investment in collaboration with global companies.
The sites are located in various regions, such as Southern Basra province, Baghdad, Nineveh, Southeastern Maysan Governorate, Wasit, and Saladin in Central Iraq.
Iraq possesses the world’s 5th largest proven oil reserves of approximately 140 billion barrels and gas resources estimated at 6.4 trillion cubic meters.
