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Recently, Iraq's Ministry of Oil indicated that 14 companies had expressed interest
in the auction of oil and gas exploration and development contracts to be held on April 25.
Iraq oil and gas exploration and development contracts auctioned or attracted 14 enterprises
A statement released said the 14 companies had purchased packaged bids
containing tender documents and contract terms for 11 exploration blocks.
Oil and gas fields located in the Iran-Kuwait border area and offshore waters of the Gulf were scheduled for auction
in June.
The auction was later moved forward to April 15 and then postponed to April 25 to give bidders more time
.
In addition, last month the Ministry of Oil announced measures to reduce the fees
paid to oil companies in auction contracts.
The new contract will exclude petroleum by-products from company revenue, establish a link between current oil prices and their remuneration, and introduce patent taxes
.
Oil companies currently operating in Iraq receive from the Government costs associated with increased production, including crude oil and petroleum by-products such as liquefied petroleum gas
.
Iraq, OPEC's second-largest producer, decided to change its contract to reduce payment costs
after the 2014 oil price crash caused by an oil price crash.
Several companies, including BP, ExxonMobil, Eni, Total, Royal Dutch Shell and Lukoil, have helped Iraq increase production from 2.
5 million b/d to 4.
7 million b/d
over the past decade.
The semiautonomous Kurdistan regional government, which produces oil and gas from fields it controls in northern Iraq, uses a production-sharing model that is more beneficial
to businesses.
The new contract offered by Iraq will also provide a time limit
for the company to terminate the combustion of natural gas in the developed oil fields.
Owing to the lack of facilities to process into fuel, Iraq continues to burn some natural gas
refined with crude oil.
Iraq wants to end natural gas burning
by 2021.
According to the World Bank, natural gas burning costs governments nearly $2.
5 billion in lost revenue annually and can meet most of the unmet need
.
，
Recently, Iraq's Ministry of Oil indicated that 14 companies had expressed interest
in the auction of oil and gas exploration and development contracts to be held on April 25.
Iraq oil and gas exploration and development contracts auctioned or attracted 14 enterprises
Iraq oil and gas exploration and development contracts auctioned or attracted 14 enterprisesA statement released said the 14 companies had purchased packaged bids
containing tender documents and contract terms for 11 exploration blocks.
Oil and gas fields located in the Iran-Kuwait border area and offshore waters of the Gulf were scheduled for auction
in June.
The auction was later moved forward to April 15 and then postponed to April 25 to give bidders more time
.
In addition, last month the Ministry of Oil announced measures to reduce the fees
paid to oil companies in auction contracts.
The new contract will exclude petroleum by-products from company revenue, establish a link between current oil prices and their remuneration, and introduce patent taxes
.
Oil companies currently operating in Iraq receive from the Government costs associated with increased production, including crude oil and petroleum by-products such as liquefied petroleum gas
.
Iraq, OPEC's second-largest producer, decided to change its contract to reduce payment costs
after the 2014 oil price crash caused by an oil price crash.
Several companies, including BP, ExxonMobil, Eni, Total, Royal Dutch Shell and Lukoil, have helped Iraq increase production from 2.
5 million b/d to 4.
7 million b/d
over the past decade.
The semiautonomous Kurdistan regional government, which produces oil and gas from fields it controls in northern Iraq, uses a production-sharing model that is more beneficial
to businesses.
The new contract offered by Iraq will also provide a time limit
for the company to terminate the combustion of natural gas in the developed oil fields.
Owing to the lack of facilities to process into fuel, Iraq continues to burn some natural gas
refined with crude oil.
Iraq wants to end natural gas burning
by 2021.
According to the World Bank, natural gas burning costs governments nearly $2.
5 billion in lost revenue annually and can meet most of the unmet need
.
，
