Iraq has invited global oil companies to bid for new oil and gas concession areas as part of its sixth round of licenses announced in June.
In an address at an oil project conference and exhibition that was opened in the capital Baghdad on Sunday 10th September 2023, Iraqi Oil Minister Hayan Abdel Ghani said Baghdad is pursuing a drive to maximize the country’s gas deposits to slash imports from nearby Iran.
“We hope that international oil companies will take part in these promising rounds to contribute to increasing Iraq’s gas resources to achieve self-sufficiency, halt imports, and export production surplus,” Ghani said in his address, published by Shafaq News and other Iraqi networks.
He said the Ministry would extend incentives and other facilities to companies participating in the sixth round of licenses, adding that Iraq has made considerable achievements in the previous rounds, with its proven reserves of oil and gas rising by six billion barrels and 32 billion cubic feet, respectively.
In June, Ghani said the sixth round covers 11 concession areas in various governorates, and that some of those areas have never been explored.
