Iraq plans to open up 10 gas exploration areas for bidding targeting American companies
(MENAFN) Iraq has announced its plan to open up 10 gas exploration areas for bidding, specifically targeting American companies. This announcement was made by Iraqi Oil Minister Hayan Abdul Ghani in an interview with a UK news agency on Saturday. He stated that during an upcoming visit to the United States, Baghdad intends to present these gas exploration opportunities to American firms, as part of its broader efforts to attract international investment in the country's energy sector.
Minister Abdul Ghani provided further details, noting that the fifth supplementary and sixth licensing rounds in Iraq had initially included 29 blocks and fields. Out of these, contracts were successfully concluded for 14 blocks. However, there remain approximately 10 gas blocks that have not yet attracted bids from companies. These remaining blocks will now be offered in a new licensing round, which is aimed at reinvigorating interest in Iraq's gas resources and securing new investments.
The minister emphasized that the Iraqi Oil Ministry is keen on presenting these gas investment opportunities to companies that specialize in the field. He highlighted the importance of this initiative as part of Iraq’s strategy to develop its natural gas sector, which is seen as crucial for the country’s energy future. The upcoming visit to the United States will serve as a key platform for promoting these opportunities to American companies that have the expertise and resources needed to exploit Iraq's gas reserves.
Minister Abdul Ghani underscored the significance of engaging with global American companies during the upcoming visit. By offering these gas exploration blocks, Iraq aims to attract major players in the industry, thereby enhancing its gas production capabilities and fostering economic growth through increased foreign investment in its energy sector. This strategic move reflects Iraq's commitment to expanding its energy infrastructure and securing partnerships with leading international firms.
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