Iraq will make future energy exploration contracts more lucrative in a bid to lure a greater number of foreign firms to auctions for exploration blocks, a spokesman said Sunday.
Iraq
will
make future energy exploration contracts more lucrative in a bid to lure a
greater number of foreign firms to auctions for exploration blocks, a spokesman
said Sunday.
The concessions come after the country held a disappointing auction for oil and
gas exploration blocks in May in which a dozen plots of unexplored territory
were offered up, but only four contracts awarded.
"We will give more concessions to foreign companies," oil ministry
spokesman Assem Jihad told AFP. "We want to encourage the companies to
develop our gas fields.
"Economic and financial aspects will be reviewed in light of our
experiences. The final details of the contracts will be worked out between the
foreign companies and the oil ministry."
Iraq
has
proven reserves of 143.1 billion barrels of oil and 111.9 trillion cubic feet
of gas, both of which are among the highest such deposits in the world.
Along with ramping up oil production, the country is keen to increase gas
extraction to help boost its low levels of electricity output.
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