Iraq unveils details for new bidding rounds
In an effort to attract foreign investors to its upcoming licensing rounds, the Oil Ministry is adding more projects and better contractual terms.
Iraqi Oil Minister Hayyan Abdulghani (center) applauds on Oct. 15, 2023, as representatives of the Oil Ministry and the UAE's Crescent Petroleum conclude agreements to activate contracts awarded in Iraq's fifth licensing round. (Photo credit: Oil Ministry)
Iraq’s Oil Ministry is expanding its plans to open up new acreage to foreign investors and has sweetened contractual terms in the hope of enticing international energy companies back into its upstream oil and gas sector.
The ministry had already been planning to offer 24 investment opportunities across two upcoming contract auctions, but is now adding six more. The so-called "five-plus" bidding round now includes 16 projects, and the sixth bidding round now includes 14 opportunities, according to an Oil Ministry promotional document given to international oil companies (IOCs) and obtained by Iraq Oil Report.
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