New Oil Bidding Round Postponed to Mid-2017

By John Lee.

The Ministry of Oil is to postpone a bidding round for 12 small- and medium-sized oil fields, following criticism of the plans by experts including IBN Expert Blogger Ahmed Mousa Jiyad.

In a statement, the Ministry's Petroleum Contracts and Licensing Directorate (PCLD) said:

"Following to the previous Ministry of Oil Announcement dated 23rd October 2016 concerning its intention to lunch a Project for the development and production for number of medium and small oil fields that exist in governorate of Basra, Missan and Middle of Iraq. 

"Ministry of Oil announces that there are essential changes in the previous announcement, where some of the fields mentioned in the said announcement will be developed by the national efforts of Ministry of Oil, in addition to new fields will be added to this Project.

"Therefore, Ministry of Oil will iterate its announcement of this Project by mid-2017."

Ahmed Mousa Jiyad welcomed the announcement, commenting:

"For the time being this is a step in the right direction and the Ministry deserves all supportive efforts to remain on and pursue the right direction".

A more detailed statement from Mr Jiyad can be read here.

The ministry had pre-qualified 19 international bidders to develop the fields.

(Source: Ministry of Oil)

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