Iraq Awards One Out Of Six Blocks On Offer

Published on Thursday, 31 May 12:26 pm

Iraq’s Ministry of Oil on 30 May awarded only one out of six exploration blocks offered to tender by foreign oil firms. A consortium comprising Kuwait Energy and partners TPAO of Turkey and Dubai’s Dragon Oil was awarded a license to explore Block 9, which lies in an oil-prospective area in Basra province. The terms on offer were generally viewed by companies as too tough. Reuters quoted 'Abd al-Mahdi al-Amidi, director of the ministry’s Contracts and Licensing Directorate, as saying: “We believe the contracts serve the interests of the companies and Iraq. But they have a different view. That is why only one block was awarded.”

Log in or register to post a comment

There are no comments yet.