Iraq May Relax Terms for Next Gas Auction Round

Iraq is planning to offer more attractive terms in its next auction of exploration rights for natural gas, Bloomberg has reported.

The next round of bidding is likely to happen next year, but Iraq will start now to prepare the data package, and will hold a road shows for the companies before the end of the year, Oil Minister Abdul Kareem al-Luaibi, told the agency in an interview:

“We will be open with the companies, and we will listen to their remarks regarding the contracts and how we can develop them and make them better,” the minister said.

Iraq awarded just three of 12 oil and gas licences it offered in the fourth round auction last month — two for oil and only one for gas.