OPEC producer Iraq has invited international companies to bid for projects to develop oil and gas sites within a new licensing round.
In statements carried by the local press on Tuesday, Oil Minister Hayan Abdel Ghani said 13 oil sites in various parts of Iraq are included in the “5 plus” licensing round.
“Through this round, the Ministry aims to boost the country’s oil and gas production and reserves, and encourage investment in the hydrocarbon sector in cooperation with global companies,” the Minister said.
According to a Ministry statement carried by Aliqtisad News network, the sites are located in the Southern Basra province, Baghdad, Nineveh in the North, the Southeastern Maysan Governorate, Wasit in the East and Saladin in Central Iraq.
Iraq has the world’s 5th largest proven oil deposits of around 140 billion barrels while its gas resources are estimated at 6.4 trillion cubic metres.
(Writing by Nadim Kawach; Editing by Anoop Menon)