The Ministry of Oil initials contracts for development contracts of 13 blocks and oil fields

By adding 750 thousand barrels of crude oil and 850 MSCF of gas

Under the auspices and presence of the Deputy Prime Minister for Energy Affairs and Minister of Oil

The Deputy Prime Minister for Energy Affairs and Minister of Oil, Mr. Hayan Abdul-Ghani, stressed the ministry's keenness and serious efforts to maximize oil production, in addition to the optimal investment of gas through developing of oil and gas fields and blocks.

This was during his auspices for the initial signing ceremony for development contracts of exploratory blocks in oil fields awarded to companies during the competitions of the fifth supplementary and sixth licensing rounds which were held during the first half of this year.

On Wed. 14/8/2024, the Ministry of Oil signed 13 initial contracts with the winning companies to develop the fields and blocks within the fifth supplementary and sixth licensing rounds.

The Minister added that these contracts will add large quantities of oil production estimated at 750 thousand barrels per day, in addition to investing 850 MSCF per day of gas, noting that these quantities, production and investment capacities of gas aim to achieve flexibility in equipping power generation stations with gas fuel, and support the energy sector in Iraq.

The Minister indicated that the Ministry signed with the winning companies with initials contracts for developing oil fields and blocks. Relatedly, the contract for Al-Faw block and Jabal Sanam block, Sumer block, Abu Khaima block, Daima field, Allan and Sasan block, Al-Khulaisiya block, Al-Qarnain block, Zurbatiya block, no. (7) block, Al-Dhafriya block, the Eastern Baghdad field, and the Middle Euphrates fields have been signed.

In this regard, the Director General of Oil Exploration Company, Dr. Osama R. Hussein, said: “Thank God, today, we signed the initials of thirteen contracts for exploration fields and blocks in 10 Iraqi governorates. These contracts represent a great opportunity to start investment in oil and gas sectors for foreign and Arab companies.”

He added: “The Oil Exploration Company has distinguished investment opportunities to carry out seismic surveys for these exploration blocks, as we have the expertise and modern advanced technology.

These surveys will be carried out on the basis of the only available offer, and we are currently working on signing two contracts with Geo-Jade petroleum corporation to develop Al- Huwaiza field soon.”