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Next March: the launch of the fifth and sixth licensing rounds
Iraq 12/24/2023
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Baghdad: Rula Wathiq
The Ministry of Oil expected the launch of the fifth complementary and sixth licensing rounds in March of next year 2024.
Assistant Director General of the Department of Petroleum Contracts and Licensing in the Ministry, Muhammad Najm Al-Saadi, told Al-Sabah: The sales of information packages for the fields that will be presented during the two rounds are still continuing, with the two rounds expected to start at the end of February or early March of next year.
He added that the total number of projects proposed in them is 30 projects distributed by 16 within the supplementary fifth round, including 8 exploration blocks with oil promise and 8 oil fields, and the 14 projects within the sixth round, including 11 exploratory blocks with gas promise and 3 with oil promise.
For his part, the specialist in oil safety and energy affairs, Sabah Alo, told “Al-Sabah”: The Ministry of Oil did not adhere to its previous contracts in four aspects, noting that from the first round of licensing until today, Iraq has relied on investment participation contracts for its oil and gas wealth, with some amendments being made before launching. The fifth licensing round for border fields.
Alo pointed out that the Ministry, in its previous contracts, did not oblige companies to conditions important to Iraq, which are investing in associated gas, and adopting modern technologies that reduce emissions and preserve the environment, in addition to obliging the Iraqi owners to operate at a rate of no less than 50-60 percent, and emphasizing that companies are under the supervision of the Ministry of Oil to maintain Not to waste oil wealth.
He warned that the postponement of the fifth complementary and sixth round is in the hope that it will include an objective study for the benefit of Iraq in terms of contract terms and a study of work on directing investment in the oil and gas transformational industries instead of producing and exporting it as raw material, especially since the world is moving towards renewable energy represented by the production of hydrogen in all its types and the gas industry. liquefied.
Alou stressed the need to accelerate the strengthening of oil revenues, by developing industry and agriculture instead of relying on oil revenues by 95 percent.
Edited by: Adhraa Juma
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