By John Lee. Iraq signed the gas exploration contract with Pakistan Petroleum Ltd. (PPL) on Sunday for gas Block 8, which lies in the Diyala and Wassit provinces in the East of the country. Meanwhile on Monday, a consortium led by Kuwait Energy signed the contract for oil Block 9, having bid fee of $6.24 […]
Russian oil giant Bashneft has been award the rights to explore for oil in the south of the country after nearly one month of negotiations, a senior Baghdad official said on Sunday, according to a report from Bloomberg. This brings the total number of Russian companies with oil deals in Iraq to three. During Iraq's […]
Lord Howell of Guildford, UK Minister of State for the Foreign and Commonwealth Office, speaking at CWC‘s Iraq Petroleum 2012 conference in London, said the terms of offer for the next round of energy licences must be considerably better than those for the fourth round which concluded at the end of May. "The results of […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. After many postponements, Iraq’s fourth bid round took place on 30-31 May 2012. Twelve exploration blocks were offered, but only three were awarded. With two-thirds of the offered blocks receiving no bid, […]
Nearly a week has passed since the finalisation of Iraq's fourth round of oil licences, this time relating to oil and gas exploration blocks. In the meantime, the debate has rumbled on regarding the results of the auction, with some regarding it as a success and others as a failure. Among the professionals, the consensus […]
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MP Firhad al-Atroushi of the Kurdistani Alliance, and a member of the Parliamentary Oil and Energy Committee, has reportedly described Iraq's 4th round energy auction "a violation to the Iraqi Constitution." He added that it represents a legal problem since it is supposed to be overseen and supervised by the Parliament: "The Kurdistani Alliance has […]
Following the allocation of only three of the 12 exploration fields on offer in Iraq's 4th round energy auction, the Oil Ministry plans to go ahead with a 5th round auction for more sites. “Of course, we will prepare for a fifth round, and we have more than 60 blocks ready for bidding,” Oil Minister […]
Iraq’s government signed deals for only three of the 12 oil and gas exploration blocks offered in its fourth energy auction, which ended on Thursday, reflecting reluctance of foreign bidders to risk money in unexplored areas. Russia's LUKoil, along with partner Inpex Corp of Japan, won the deal for the 5,500-square-kilometer Block 10 in Muthanna […]
Wednesday was Day 1 of Iraq's two-day auction for the rights to 12 new exploration fields, but the long-awaited and often-delayed event was widely considered a disappointment, with only two bids received and only one deal agreed. The reason, say critics, is that Iraq is playing hardball on the terms offered to the 47 international […]
The first day of Iraq's fourth energy auction resulted in just one successful bid, with four of the today's six exploration fields receiving no bids from the 47 pre-qualified bidders. The six blocks offered today were numbers 2, 9, 6, 12, 1 and 11. A consortium of Kuwait Energy (40%), Turkey's TPAO (Turkiye Petrolleri AO) […]
Iraq's fourth energy bidding round takes place on Wednesday and Thursday, but Reuters reports that tough contract terms mean Baghdad may struggle to drum up major interest. The 12 new oil and gas exploration blocks are some of the last potentially rich unexplored territories left. As in previous auctions, foreign energy companies would prefer production-sharing […]
