Iraq to Relax Terms for Gas Exploration Rights

Bloomberg reports that Iraq is to offer more attractive terms in its next auction of exploration rights for natural gas.

Oil Minister Abdul Kareem al-Luaibi [Elaibi] (pictured), told the agency in an interview:

Bidding will be next year, but we will start now to prepare the data package, and we will hold a roadshow for the companies before the end of the year ... We will be open with the companies, and we will listen to their remarks regarding the contracts and how we can develop them and make them better.

Iraq awarded just three of 12 oil and gas licences it offered in the fourth round auction last month -- two for oil and only one for gas.

(Source: Bloomberg)

Comments are closed.