Iraq adds two more blocks to oil and gas bidding round

27 March 2018
A total of 11 blocks are going to be made available to bidders

Iraq has added two more blocks to the upcoming bidding round, bringing the total on offer up to 11, according to a statement released by the country’s oil ministry.

The blocks are located in southern and eastern Iraq, near the borders with Iran and Kuwait.

The two extra blocks are located in the province of Diyala.

Full details of the 11 blocks will be announced on 29 March in Baghdad.

In January, the Iraqi oil ministry said a total of nine blocks were going to be on offer and 26 companies had qualified for the bidding round. Iraq is targeting a production capacity of 7 million barrels a day (b/d) by 2022.

Iraq is the second largest oil producer in the Organization of Petroleum Exporting (Opec) countries and currently has the capacity to produce 5 million b/d. It is currently pumping less than 5 million b/d due to its commitment to the output cut agreement between Opec and non-Opec producers.

Speaking in Kuwait in February, Iraqi oil minister Jabbar al-Luiebi said Iraq has proven crude reserves of 145 billion barrels. He said he believed reserves would increase to around 250 billion barrels with planned investment into exploration.

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