Iraq launches licensing rounds to develop oil, gas resources


(MENAFN) Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul Ghani Al-Sawad, unveiled plans for the commencement of international companies' participation in licensing rounds organized by the ministry. In a statement issued on Friday, Al-Sawad underscored the ministry's commitment to advancing oil field development and exploring promising patches within the oil and gas sectors. This initiative includes the reactivation of the fifth licensing round, previously suspended, alongside the signing of new contracts with companies.

Al-Sawad emphasized the critical importance of these initiatives in addressing Iraq's pressing need for gas production, with anticipated output estimated at approximately 800 million standard cubic feet per day. The country's burgeoning energy demands necessitate the swift development of these resources to bolster domestic supply and support various sectors reliant on gas.

Furthermore, the ministry unveiled plans to launch the fifth supplementary licensing round and the sixth licensing round, targeting 30 oil fields and exploratory plots situated along Iraq's western border. These regions, spanning governorates such as Nineveh, Anbar, Najaf, Karbala, and Diwaniyah, hold immense potential for oil and gas exploration and development.

Saturday marks the commencement of presentations to 22 companies eager to seize these opportunities. Among them are prominent international firms renowned for their expertise and investment capabilities within the oil and gas sector. The ministry's collaboration with these companies signals a concerted effort to leverage external expertise and resources in maximizing Iraq's oil and gas potential.

Overall, the launch of licensing rounds signifies Iraq's proactive approach to harnessing its abundant natural resources to drive economic growth and meet domestic energy needs. By engaging international partners and facilitating investment opportunities, the ministry aims to unlock the untapped potential of Iraq's oil and gas reserves, thereby contributing to national development and prosperity.

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