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Iraq invites foreign bids for oil, gas blocks in new areas

The bidding terms will be finalised by the end of May and the ceremony to open the bids will be held on June 21, 2018, the presentation said.

Reuters  |  Baghdad 

Iraq on Monday invited foreign companies to bid for contracts to explore and develop oil and natural gas reserves in nine new blocks as the OPEC nation seeks to boost its output capacity. "We invite all international companies to participate," Oil Minister Jabar al-Luaibi told a news conference in Baghdad. "This new exploration bidding round aims to maximise reserves." Five blocks are located at border areas with Iran, three with Kuwait and one is offshore in Gulf waters, a presentation by oil ministry officials at the conference showed. Luaibi said the ...

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First Published: Mon, November 27 2017. 15:51 IST