Iraq offers onshore acreage for gas exploration with 11 blocks up for grabs
It's official now: Hayan Abdul-Ghani, the Oil Minister of Iraq, and Kamal Muhammad, the Minister of Natural Resources in Kurdistan, have signed a deal for oil exportation. A photograph taken by the Iraqi Prime Minister's Press Office and released to AFP shows the two ministers signing the deal.
Foreign players have been extended an invitation to submit their proposals for the sixth licensing round of the nation's table.
The blog section was updated on June 21, 2023, at 9:36 GMT, after it was first published earlier that day at 9:00 GMT.
Reports from the media state that Iraq has extended an invitation to potential companies to bid on new onshore land for gas exploration and development.
Hayan Abdul-Ghani, who is the Oil Minister of Iraq, has extended an invitation to energy companies from around the globe to submit their bids for contracts related to the exploration and development of natural gas within 11 blocks that are present in Iraq.
According to a statement from the Oil Ministry, as reported by Xinhua news agency, Abdul-Ghani declared that out of the total 11 blocks, eight can be found in Anbar Province situated in the western region of Iraq, while one block is located in the northern province of Nineveh. Additionally, one block exists in an area amidst the provinces of Anbar and Najaf, and lastly, one is placed somewhere between Anbar and Nineveh.
According to Reuters' report, the Ministry of Iraq recently announced in a video that it has initiated its sixth licensing round for gas exploration across multiple provinces.
In 2009, Iraq made its oil and gas sector available for foreign investors.
According to a report by the Bernama news agency, Abdul-Ghani stated recently that the oil reserves in Iraq had gone up by 10 billion barrels, while the natural gas reserves had increased by 8 trillion cubic feet. This was as a result of a 3D seismic survey that took place in Basra, a significant oil center approximately 550 kilometers south of Baghdad, the country's capital city.
The revised reserves figures for Iraq's crude oil would go up to approximately 155 billion barrels and natural gas to roughly 140 Tcf if implemented, but it has not been officially adopted by the Opec cartel, of which Iraq is a member.
