Aug 1, 2009

Iraq invites firms to second oil bid meeting

Published: 27 July 2009 12:33 GMT, Author:Perry Williams, MEED

Iraq's Oil Ministry will hold a roadshow for its second oil licensing round in Istanbul on 25 August in an attempt to reverse the disappointing results of the first bid round held in June.

The ministry's Petroleum Contracts & Licensing Directorate says it has invited 45 qualified oil companies to attend the meeting.

The directorate is offering licences covering 10 oil and gas fields which have yet to be developed.

The fields include the highly prized Majnoon field in Basra Province and West Qurna phase 2, which holds about six billion barrels of oil.

The remaining fields include Halfaya, East Baghdad, Gharraf, Qavara, Najmah, Badrah and Merjan/Kifl/West Kifl.

Iraq is also offering an Eastern Block comprising the Gilabat, Khashm al-Ahmr, Nau Doman and Qumar fields.

The government previously said it will sign contracts by the end of 2009 and that the fields are capable of producing up to 2.5 million barrels a day (b/d) of oil by 2013.

In June's licensing round, Iraq's Oil Ministry awarded just one licence to an energy major as companies baulked at Baghdad's tough terms and conditions.

Reblog this post [with Zemanta]

No comments: