In the month of November of this very year, Iraq will sign oil and gas exploration agreements with the companies as follows: Pakistan Petroleum Ltd., Inpex Corp. (1605) of Japan, London-based Premier Oil Plc (PMO) and Russia’s OAO Lukoil (LKOH) and OAO Bashneft.
In this year, Iraqi govt. has already announced three agreements! Among them two was announced in the month of May and rest was announced in the month of June.
On 5th of this November, Iraq will sign agreement with Pakistan Petroleum for the exploration of natural gas of Iraq, as illustrated by Sabah Abdel Kadhim, deputy head of the licensing department. On a telephonic interview, held at Bahgdad, he unleashed this piece of news. The agreement is scheduled to be signed on the 7th Nov, with Lukoil and Inpex for Block 10 – also said by Sabah Abdel Kadhim.
Block 8, 9, 10 has been awarded by the govt., whereas in the month of May 12 areas were offered to the bidders. The right of Block 12 has been sold to Bashneft in the month of June. According to the study of BP Plc, Iraq holds the fifth largest crude reservoir of the world. The nation also possesses the fifth biggest deposits of natural gas.
On the other hand, agreements with Kuwait Energy Co., Dragon Oil Plc (DGO) and Turkiye Petrolleri AO are yet to be announced. These companies probably won the contract for Block 9 which is at the Iranian border. Adding this information, Khadhim declined to provide any further data on this issue.
Ali Al-Dabbagh, the official government spokesman stated that Block 9 approval will be postponed as long as ministry completes all the processes that are attached to it.
Source [Bloomberg]