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Oil announces new round of licenses in nine geographical locations
15:58 - 26/11/2017
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Information / Baghdad ...
Oil Minister Abdul Jabbar al-Obeidi said on Sunday that the ministry is seeking to launch nine new geographical locations for exploration and development by international companies.
"A media conference will be held on Monday, which aims at inviting international companies to invest in and contribute to the exploration, development and production of nine border posts with hydrocarbon structures, one of which is in the territorial waters," Al-Oeibi said in a statement.
He added that "the ministry aims through this round to maximize production and reserves of oil and gas through the optimal investment of national wealth in cooperation with international companies in the development and production of these border patches with Kuwait and Iran."
"The ministry will announce the names of these patches in each of the provinces of Basra, Maysan, Muthanna, Wasit, Diyala and one in the territorial waters in southern Iraq."
On the nature of the contracts of this round, Allaibi said that "these contracts are different from the contracts of previous licensing rounds and the Ministry of Sf adopt new models in agreement with companies wishing to invest according to the requirements of the national interest in the development of the oil and gas industry in the country and to ensure financial revenues fed the federal budget and contribute to the development and promotion of growth Economic "
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