Iraq has awarded three of its established gas fields to foreign consortia in the third stage of an energy sell-off, as the country races to supply gas to local power plants and to export markets.
The three fields, in the south, centre and far west of Iraq were sold at or slightly below the price the oil ministry had wanted. They were taken by three groups that now have rights to develop about 10% of Iraq’s proven gas reserves – around 300bn cubic metres.
The Iraqi government maintains overall control of the fields (As was the case with the two rounds of oil auctions conducted last year), and will pay each consortium a fee per barrel of oil equivalent.
The winners of the three fields have been announced as follows: