Iraq aims to launch separate licensing rounds in April and May as it hopes to revive foreign interest in its upstream sector following an exodus of prominent IOCs in recent years.

The two offerings – the fifth licensing round ‘plus’ (LR5+) and the gas-focused sixth licensing round (LR6) – aim to introduce “improved” terms to a “profit sharing” exploration, development and production contract (EDPC) model that was first introduced in 2018’s fifth licensing round (MEES, 27 April 2018). The model is being touted as a departure from Iraq’s tight terms under the technical service contracts (TSC) offered in the past. (CONTINUED - 1515 WORDS)