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Iraq Awards 6 Exploration Blocks for Rehabilitation & Development

Source: www.gulfoilandgas.com 4/29/2018, Location: Middle East

Mr. Jabbar Ali Al-Luiebi the minister of oil confirmed on the keenness of the ministry of oil to rehabilitate and develop the exploration blocks to raise the oil reserves.

During the conference of awarding the (11) onshore & offshore borderline exploration blocks… Mr. Al-Luiebi referred to the decision of the ministry of oil to rehabilitate the borderline blocks after decades of Neglect and mismanagement.

Mr. Al-Luiebi declared the awarding of 6 exploration blocks which are part of 11 blocks to be developed & rehabilitated in the licensing round which was organized by the petroleum contracts & licensing directorate. The other 5 blocks did not have any offers from the qualified companies.

Mr. Al-Luiebi said “we decided to speed-up the invitation of the investment companies to participate and compete on the development of the borderline blocks for their economic significance, and to improve the exploration expectations which was determined previously in some locations to raise the national oil & gas reserves, as well as to invest the borderline blocks perfectly to achieve more outcome for the national economy because it is illogical to leave these significant blocks without a real development and investment”.

Mr. Al-Luiebi confirmed on the role of the government and the supporting authorities to provide the appropriate work environment for the companies in Iraq, and by cooperating with them to achieve the associated targets. He said also that this the ministry of oil have taken this step to invite the international companies and cooperate with them in the development by depending on different service contracts forms, after making use of the notes of the companies whom are aiming to work and invest in Iraq.

Mr. Al-Luiebi said that Iraq has big investment opportunities in the sectors of gas, petrochemicals, refining, infrastructure and else. He also re invited the specialized investment companies to participate in the development of the oil industry and execute the projects in all the sectors. He said also that the ministry have achieved many positive steps within a short period to develop the national oil industry. It have also achieved many accomplishments via the perfect investment for the national oil wealth.

Mr. Abd Al-Mahdi Al-Ameedi the director general of the petroleum contracts & licensing directorate reviewed the features of the (11) exploration blocks and said that the ministry of oil have made new forms of service contracts for the licensing round to develop the borderline onshore and offshore exploration blocks. He said also that the qualified companies was (14) multinational companies.

Mr. Assim Jihad the spokesman of the ministry of oil said that the round resulted for the awarding of (6) exploration blocks for rehabilitation which are (Klabat, Kumar, Khashm Al-Ahmar, Injana in Diala governorate and Khudhr Al-Maa in Basrah governorate) which was awarded to Crescent Emirati Company. While the blocks of (Naft Khana in Diala governorate and Howaiza in Maysan governorate) was awarded to Geo Ged Chinese Company. And the (Sindbad block in Basrah governorate) was awarded to UEG Chinese Company.

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