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Oil Minister: International Companies To Explore 9 New Border Points With Iran And Kuwait

The Ministry of Oil aims to invite international companies to invest in and contribute to the exploration, development and production of nine border patches.

The Minister of Oil announced the holding of a promotional media conference 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.

He explained that the aim behind the plans to develop new exploration patches is to achieve the plans and objectives of the ministry aimed at maximizing the proven national reserve of oil and gas, as well as the optimal investment of the border explorations neglected during the past decades because of the wars and challenges faced by our country.

Mr. Al-Luaibi stressed that "the ministry is keen to prepare the best step for this, which is a real start to enhance investment opportunities and to cooperate again with international companies in maximizing the production and oil reserves of the country, which is today the nerve of the national economy. It is important to adopt a new commercial model and different financial conditions from the previous contracts, where the business models will be studied and analysed by the companies wishing to invest and then the contract will be negotiated and chosen to achieve our objectives."

Pointing out that changes have been made and amendments to the terms and conditions of service contracts for the previous licensing rounds, thus contributing to the implementation of the contracting companies for the technical obligations to achieve the objectives of production clearly, as well as reducing the capital and operating costs and to achieve reasonable costs for the product barrel. The Ministry has been keen to include a number of provinces in this round including Basra, Maysan, Muthanna, Wasit and Diyala.

The Minister of Oil explained that these are complex contracts involving the activities of exploration, development and production in the case of exploratory exploration contracts. In the contracts of fields discovered undeveloped green, the activities include development and production. Perhaps the most important feature of this tour is that it includes the development of an exploratory area in water. The country's first territorial waters and the first offshore patch to be announced, an important development and move in the industry.

For his part, the Director of the Department of contracts and licensing of petroleum Abdul-Mahdi al-Amidi detailed explanation of the declared patches and extensions, fields and structures included as well as oil and gas reserves.

He pointed out that the exploratory patches offered include the fields of Basra and Mount Sinam and Faw, which is located on the Iraqi-Kuwaiti border and also includes exploratory spots located on the border.

The two main fields include Zardatia, Tariq, Nefta Kana, and the fields of Mandali, Habib, Tal Ghazal, Hattab, Nazardak, Saadia, Nabh Khanh, Aqba and Naudoman. Stressing that these patches fall within the land borders.

He added that the marine exploratory patches were the patch of the Gulf, which lies within the territorial waters of Iraq in the Gulf.

He added that the final document of the qualification contracts will be announced on 31 May 2018 and then be open to receive bids for companies wishing to compete in the new round.

For his part, official spokesman of the ministry Assem Jihad said that the announcement of a new round of competition for the rehabilitation and development and production of 9 new exploratory patches in front of international and local companies specialised in the oil and gas industry reflects the ministry's keenness to open new horizons to local and international investors to carry out important strategic projects.

Source: Ministry of Oil

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