Iraq Expands the Second Bidding Process Round of Oil Contracts

Iraqi Oil Ministry Tuesday gave a two-week added time for international oil companies to send out in documents for the 2nd round of licensing for long-lasting development contracts.

“Oil Dealings and Licensing Directorate of Oil Ministry is pleased to announce the expansion of pre-qualification process period of the second bidding process round up to Feb. 15, 2009,” the ministry said in a statement on its internet site.

Previously, the ministry put Jan. 31 as the target date for foreign firms to get the second round of oil area servicing tenders, yet authorities stated the ministry determined to provide more time to make up many legal holidays during January.

On Apr. 13, 2020, Oil Preacher Hussein al-Shahristani told a news conference that 11 of Iraq’s oil, as well as gas fields, would certainly be opened for bidding by foreign companies in the 2nd round of licensing for long-term growth contracts.

Shahristani called the oil and gas fields as Majnoon, West Qurna Stage II, Halfaya, East Baghdad, Gharraf, Kifil, Kifil West, Merjan, Najmah, Qayara, and also the Siba gas area in Basra district.

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The Iraqi priest said within three to four years from the agreements being finished by the end of 2020, Iraq’s oil production might enhance by 2-2.5 million barrels per day, which is nearly comparable to the nation’s present production.

Sharastanis’ statement came six months after the first round of certifying bidding process was opened, in which Iraq provided 6 oil as well as 2 gas areas for development.

The contracts from the first round are expected to be checked in the middle of 2020 as well as those for the 2nd round to be authorized by the end of the year.

In April, the Iraqi Oil Ministry stated just 35 firms and consortia out of 120 candidates were qualified for requirements to bid on its agreements.

Iraq’s oil book is apparently to be the globes third-largest, which needs billions of bucks financial investment to overhaul its oil infrastructure and rise oil as well as a gas outcome after 13 years of sanctions and also war.

2020-08-31T06:16:14+00:00 June 16th, 2020|Tags: |