ALSO READIraq forces wrest control of two Kirkuk oil fields from Kurds Oil prices rise set for strongest Q3 gain since 2004 Oil falls below $56; Brent posts biggest third-quarter increase since 2004 HPCL joins talks to buy 49% stake in Russia's Vankor Cluster oil fields Oil falls to 7-month low over OPEC cuts, set for worst H1 since 1997
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 areas had previously been "neglected" because they were the site of conflicts between Iraq and its neighbours in the 1980s and 1990s.
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.
The foreign companies' opinions will be taken into consideration when formulating the new contracts, Luaibi said.
The terms will be different from previous service contracts, which Baghdad is moving away from because they remunerate companies regardless of oil prices fluctuations.
"We are keen to make significant changes to the new exploration model contracts, and to adopt a new commercial and financial model different from the service contract," Luaibi said, adding the list of qualifying foreign bidders would be announced on Nov. 29.
Iraq's oil output capacity should reach 5 million barrels per day (bpd) by the end of 2017, Luaibi said earlier this year.
Its current capacity is about 4.8 million bpd and its production about 4.4 million bpd, in line with an agreement by oil exporting nations to curb output in order to support crude prices.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)