6 Chinese companies are among the winners of developing Iraqi oil and gas fields

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[size=52]6 Chinese companies are among the winners of developing Iraqi oil and gas fields[/size]

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2024-05-11
Iraq launched a licensing round that includes 29 oil and gas projects on Saturday, in an attempt to develop huge gas reserves to help provide electricity to the country and attract billions of dollars in investments.[/size]
[size=45]The exploration areas are distributed over 12 governorates in central, southern and western Iraq, and include, for the first time, a marine exploration area in the waters of the Gulf.[/size]
[size=45]Chinese companies won five fields.[/size]
[size=45]The Ministry of Oil said that the Chungman Oil and Natural Gas Group won the development of (East Baghdad Field - Northern Extensions) in addition to the Middle Euphrates Field, which extends between the southern provinces of Najaf and Karbala.[/size]
[size=45]The Chinese United Energy Group won the investment in the Al-Faw field in Basra in the south of the country, while the Zhenhua Company won the development of the Al-Qarnain field on the border between Iraq and Saudi Arabia.[/size]
[size=45]The Chinese company Geo-Jade also won the development of the Zurbatiya oil and gas field in the Wasit Governorate in the east of the country.[/size]
[size=45]The ministry added that the Iraqi Khaled Abdul Rahim Group won the investment of two oil and gas fields: the Dima field in the Maysan Governorate in the east of the country, and the Sasan and Alan fields in the Nineveh Governorate in northwestern Iraq.
The last time Iraq held a licensing round was in 2018, which was the fifth round.[/size]
[size=45]Iraq is the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia.[/size]
[size=45]Oil Minister Hayan Abdul Ghani said that the “fifth supplementary” round includes many projects remaining from the fifth round, in addition to a new sixth round that includes 14 projects.[/size]
[size=45]More than 20 companies qualified for Saturday's round, including European, Chinese, Arab and Iraqi groups, but no major American oil companies were among them.[/size]
[size=45]Oil production capacity in Iraq has grown from three million barrels per day to about five million in the past few years, but the exit of giant companies such as Exxon Mobil and Royal Dutch Shell from a number of projects due to weak returns has made uncertainty surrounding the growth situation in the future.[/size]
[size=45]Development has also slowed due to investors' increasing focus on environmental, social and governance criteria.[/size]
[size=45]An oil refinery in northern Iraq[/size]
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