Iraq has begun promoting its upcoming upstream bid rounds, claiming that improved fiscal terms to its exploration, development and production contract (EDPC) will be attractive to prospective investors. The first blocks to be awarded under such terms, via Iraq’s fifth licensing round (LR5) in 2018, were only ratified in February (MEES, 24 February). Opec’s second largest producer hopes the changes will help reverse an IOC exodus from its oil sector.

In a briefing to IOCs attended by MEES on the sidelines of this week’s Adipec conference in Abu Dhabi, the Oil Ministry’s Petroleum Contracts and Licensing Directorate (PCLD) says that interested firms have until January 2024 to send a formal letter of intent (LOI) and that two separate sets of data packages have been prepared for the fifth licensing round ‘plus’ (LR5+) and the gas-focused sixth licensing round. The packages will only be available to pre-qualified companies, and those opting to participate in the two rounds, can obtain both for $150,000. (CONTINUED - 2364 WORDS)