According to a Reuters report, Iraqi Oil Minister Jabar al-Luaibi has invited foreign companies to bid for contracts to explore and develop oil and natural gas in nine new blocks, as the OPEC nation seeks to boost its energy output capacity by developing fresh reserves.
“We invite all international companies to participate,” he told a news conference in Baghdad, Reuters reports. “This new exploration bidding round aims to maximise reserves.”
Five blocks are located at the border areas with Iran, three with Kuwait and one is offshore in the Gulf waters, a presentation by oil ministry officials at the news conference showed.
The ceremony to open the bids to foreign investors will be held on June 21, 2018, presentation said.
