Iraq Awards Six Blocks in Latest Round

Iraq has awarded companies based in China and UAE six of the 11 oil and gas exploration blocks put up for bidding but the other five did not attract any bids, Iraqi oil ministry said April 26.

UAE-based Crescent Petroleum won three, China’s Geo-Jade two and another Chinese entity United Energy Group won one. Crescent won Kilabat-Gumar and Khashim al-Hmer-Injana blocks in eastern province of Diyala, and Khudhr al-Maa' in the southern province of Basra. Geo-Jade won Naft Khana block in Diyala province and Huwieza in southeastern province of Maysan. United Energy Group won the al-Sindibad block in Basra.

Iraqi oil minister Jabar al-Luaibi said Iraq is a promising country for the oil industry and has significant investment opportunities in the sector such as natural gas, petrochemicals and infrastructure, among others. He stressed that the ministry is taking steps to attract international companies to invest in Iraq.

The latest auction round is the fifth for Iraq since the country opened its oil and gas sector for foreign investments in 2009.