Iraq postpones the fourth round of the licensing power to Ap

[Stillw8n]

Iraq postpones the fourth round of the licensing power to April

Erbil, January 4 (Rn) – The Iraqi Oil Ministry said on Wednesday it was postponing the fourth round for the award of energy contracts to 11 and 12 April next, instead of the seventh and the eighth of March.

It quoted “Reuters” Abdul Mahdi al-Amidi, Director, Licensing and contracts in the ministry as saying “We have decided to postpone the bidding process to give companies more time to study the model of the final contract in response to requests from many companies.”

Offered to the Iraqi Oil Ministry, on 11 September last decades Balriqa initial 12 sites for exploratory oil and gas in Iraq, 46 foreign companies will participate in the fourth round of licensing.

Iraq had signed contracts with international companies to develop 11 oil fields discovered in the three rounds of the licenses would raise the country’s production of crude oil to 12 million barrels per day by 2017 of around 2.8 million per day currently.

But the Iraqi Oil Minister Abdul Karim and coffee said months ago that the goal to reach a production capacity of Iraqi oil to between eight million and 8.5 million barrels per day would be more appropriate than the current target of 12 million.

Exports of Iraqi crude oil to 2.145 million barrels per day in December last of 2.135 million barrels per day in November.

Iraq seeks to export 2.6 million barrels a day this year, according to the plan included in the financial budget of the country that rely on oil imports by 95 per cent.

Iraq is a member of OPEC and has the fourth-largest oil reserves in the world, and entered into agreements with global energy companies to raise production to 12 million barrels per day by 2017.

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