Discovered fields win the day in fifth bidding round
Oil Ministry nets significant victory with three mid-size oil firms successfully bidding on six projects after concerns raised by companies.
Iraq's Oil Ministry is prepared for the fifth bidding round, in which three companies put bids into the ceremonial box before winning six development and exploration blocks on April 26, 2018. (SAMYA KULLAB/Iraq Oil Report)
BAGHDAD - Iraq awarded all four development projects and two of the seven exploration blocks offered in its fifth oil contract auction.
Just weeks after international oil firms raised concerns about the terms of Iraq's new contract model – and with less than two weeks to review it – Crescent Petroleum, Geo Jade Petroleum and United Energy Group (UEG) submitted winning bids at Thursday’s ceremony at the Oil Ministry in Baghdsd.
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