Iraq awards six out of 11 blocks in licensing round

29 April 2018
Blocks were won by Crescent Petroleum, Geo-Jade and United Energy Group

Iraq has awarded six of the 11 blocks that were on offer in its latest licensing round.

UAE-based Crescent Petroleum won three blocks, China’s Geo-Jade acquired two, and another China-based company, United Energy Group, secured one.

Italy’s Eni was the only Major international oil company to bid as part of the licensing round.

It bid on two blocks, but both bids were unsuccessful.

Fourteen companies had expressed interest and bought a package containing the bidding documents and terms for the 11 blocks, the ministry had said on April 14.

Majors Exxon Mobil, Total, Lukoil and Gazprom all decided not to bid, despite expressing interest at an early stage in the licensing round.

The director general of Iraq’s Petroleum Contracts and Licensing Directorate, Mahdy al-Ameedi, has said that another bidding round could be held for the five remaining blocks at some point in the future.

The auction is Iraq’s fifth since 2009 and was designed to attract new investment and help boost oil and gas production.

Iraq holds the world’s fifth-largest crude reserves and is the second-largest Opec producer.

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