Iraq’s fifth licensing round for oil exploration is expected to be held within the next few months and contracts set to be amended to attract more oil firms, according the countrys oil ministry
Abdul Kareem Luaibi, Iraq’s oil minister, said, “The cabinet energy committee has approved an initial agreement with oil major BP to upgrade the Kirkuk oil field.”
Iraq’s fourth energy auction ended last year with few foreign investors tendering bids.
“In previous contract awards no importance was given to gas. We have now started a major project to develop gas,” Luaibi added.
Baghdad’s less attractive service contracts combined with a recent boom in natural gas supplies and gas finds elsewhere in the world may have further quashed investor interest in Iraq, official sources said.
Luaibi said that there would be amended contracts that is expected to be alluring for the international oil companies.
