Alexa
  • Directory of Taiwan

Iraq launches milestone oil licensing round

Iraq launches milestone oil licensing round

International oil companies have begun bidding to develop some of Iraq's massive oil and gas reserves in a landmark bidding round marking their return to the country over three decades after the sector was nationalized.
More than 30 firms were vying Tuesday to secure 20-year service contracts to develop six oil and two gas fields. The fields hold about 43 billion of Iraq's 115 billion barrels of crude reserves.
The first field on offer is Rumaila, which holds 17.8 billion in crude reserves.
Iraqi officials hope the companies' will help boost production needed to finance reconstruction after the 2003 U.S.-led invasion.
But some lawmakers have argued the new contracts will be unconstitutional since parliament won't be allowed to approve them.


Updated : 2021-04-21 14:19 GMT+08:00