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New Oil and Gas Blocks to be offered

Iraq has Invited International Oil Companies (IOCs) to Bid for Contracts to Explore and Develop Nine New Oil and Gas Blocks.

Iraq has invited international oil companies (IOCs) to bid for contracts to explore and develop nine new oil and gas blocks.

The blocks are along the borders with Iran and Kuwait, with one located in the territorial waters.

According to Reuters, the bidding terms will be finalised by the end of May, with bids to be opened on 21st June 21, 2018.

The terms are expected to be different from previous service contracts, which remunerate companies regardless of oil prices fluctuations.

Sources: Ministry of Oil, Reuters

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