Iraq improve conditions in the fourth round of energy auctions

22/02/2012 18:46

Iraqi OilErbil, February 22 (Rn) – An Iraqi Oil Ministry said on Wednesday that Iraq has improved the conditions that will be put under which 12 areas to explore for oil and gas in the fourth round of auctions of energy, after the companies said the deal is attractive. and deferred the Ministry of Oil round Auctions several times to give interested companies more time to study a modified version of the draft contract. It is expected now to run auctions on 30-31 May. Reuters quoted Sabah Abdul Kadhim, director of the Legal Department in the management of contracts and licenses, the Ministry of Oil as saying that the ministry has modified the contract in principle to encourage more companies to attend the auction and that all contracts is positive and serves the interests of foreign companies. and canceled Iraq’s requirement for a partner government in the decades paved the way for companies to acquire 100 percent in the projects offered. and qualified 47 companies for the energy to participate in the round auctions, which is expected to add 29 trillion cubic feet of gas, ten billion barrels of oil reserves of Iraq.and located areas of exploration displayed in the remote parts of western and central Iraq, which increases the investment risk because the protection of the sites of attacks by insurgents will be more difficult. companies will be able to extract the gas discovered in the areas of exploration immediately. But the Iraqi government retained the option of preventing companies from the extraction of oil in exchange for the payment of compensation to them. According to data from the U.S. Department of Energy, Iraq has the fourth-largest oil reserves in the world when it comes in tenth place worldwide in terms of the volume of gas reserves are estimated reserves of about 112 trillion cubic feet. Open: Abdullah Sabri