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Minister of Oil: Call on International Companies to Explore, Develop and Produce 9 New Border Patches

New Models in Agreement with Companies Wishing to Invest According to the Requirements

The Minister of Oil announced the holding of a promotional media conference to be held tomorrow and aims to invite international companies to invest in and contribute to the exploration, development and production of nine border Patches with hydrocarbon structures, one of them in the territorial waters.

Oil Minister Jabbar Ali Al-Allaibi said that the ministry aims to maximize oil and gas production and reserves by optimizing the national wealth in cooperation with international companies in the development and production of these border patches with Kuwait and Iran. Al-Luaibi said the ministry would announce the names of these patches in the provinces of Basra, Maysan, Muthana, Wasit, Diyala and one in the territorial waters in southern Iraq.

 On the nature of the contracts of this tour, Allaibi said that these contracts differ from the contracts of previous licensing rounds and that the Ministry will adopt new models in agreement with companies wishing to invest according to the requirements of the national interest in the development of the oil and gas industry in the country and to ensure financial revenues that fed the federal budget and contribute to the development and promotion of growth Economic development.

Source: Ministry of Oil​

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