Iraq's oil ministry to sign contracts for six blocks

iraqnewblocksIraq's oil ministry on Saturday said that it would sign exploration and development contracts with energy companies for six blocks

On Sunday, the ministry signed three contracts with UAE Crescent Petroleum Company, a unit of Crescent Group.

The ministry will also sign contracts with China's Geo-Jade and United Energy Group.

Last month, Iraq held an auction of 11 blocks. Companies bid for contracts on six of these blocks whereas five of them did not attract any bids.

The lacklustre response to the auction was amplified by the absence of any of the largest international energy companies.

OPEC’s second-largest crude producer after Saudi Arabia, Iraq is looking to boost its oil production to 5mmbbl per day from its current production of about 4.3mmbbl per day.

The country gets more than 90 per cent of its revenue from oil sales.

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