Iraq to announce tender for development of gas fields

Oil&Gas Materials 27 August 2012 20:27 (UTC +04:00)

Azerbaijan, Baku, Aug. 27 / Trend A.Taghiyeva /

Iraqi Oil Ministry will announce the fifth round of licensing of hydrocarbon fields, the purpose of which is to develop gas fields, Iraqi Oil Ministry spokesman Asym Jihad told Trend on Monday.

"The purpose of the fifth round of licenses to foreign companies will be the development of gas fields, which will contribute to increase in gas reserves in the country," Jihad said.
He said the previous licensing rounds covered mainly oil fields.

Thanks to these tenders a significant number of oil fields were opened and developed. Today Iraq has undiscovered and undeveloped gas fields that can attract foreign investment, Jihad said.

Licenses for exploration and development of oil and gas fields have been issued to three consortia led by Russia's LUKOIL, Turkey's TPAO and Pakistan Petroleum Pakistan, respectively during the fourth round of licenses to foreign companies.

The fourth round of licences for exploration and development of hydrocarbon fields in Iraq was held on May 30 and 31 with the participation of 47 international companies from different parts of the world.

Twelve areas of exploration for both oil and gas were presented in the various provinces of the country as part of the tender, eight of which were gas fields, and four - oil.

According to BP, Iraq's proven oil reserves as of late 2011 amounted to 143.1 billion barrels. The country ranks third in OPEC after Saudi Arabia and Iran. Oil production in Iraq was 2.798 million barrels of oil per day as of late 2011.

The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. Some 80 per cent of oil produced in the country is exported.

According to BP, Iraq's proven gas reserves as of late 2011 amounted to 3.6 trillion cubic metres.