Gas Fields Bidding - Iraq Readies Contracts

Iraq, site of the world’s third-largest oil reserves, will hold a third bidding round for gas fields which will take place on October 1, an Oil Ministry official has confirmed, according to a report from Bloomberg.

“Definitive model contracts and final tender protocols will be ready on September 10, and the bidding process will be on October 1,” Abdul Mahdy al-Ameedi, deputy director general at Iraq’s Petroleum Contracts and Licensing Directorate, said in a telephone interview.

“We expect the round to be a success, it is now all going fine and everything will be on time,” al-Ameedi said.

It held two licensing rounds last year for oil and gas investments, and the third is specifically for the gas fields Akkas, Mansouriya and Siba, which Iraq is eager to develop for domestic power generation as well as export revenue.

You can find more details of the gas fields here.

(Source: Bloomberg)

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