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Iraq's fifth oil licensing round to focus on gas
- Iraq: Thursday, March 21 - 2013 at 04:41
Iraqi oil minister Abdul Kareem Luaibi has announced the country's fifth licensing round for oil exploration is to be held in the next few months and will come from 10 oil blocks, Reuters has reported. Iraq's fourth energy auction ended last year with few foreign investors tendering bids after a disappointing showing, which could force Baghdad to ease tough contract terms to lure more oil explorers into a new bidding round that should focus on gas, while the oil will be used to boost reserves. "In previous contract awards no importance was given to gas. We have now started a major project to develop gas," Luaibi said.
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