Iraq exploration licenses attract global attention

The Wall Street Journal reported 41 international oil and gas firms had been qualified for the upcoming January exploration bid round in Iraq.

“ Iraq, which sits on the world’s third largest oil reserves, has estimated that the new blocs would add some 10 billion barrels of oil to Iraq’s current reserves of 143 billion barrels, and some 29 trillion cubic feet of gas to its current reserves of 112.6 trillion cubic feet.

Among the companies qualified by the ministry for the licensing auction are some of the world’s oil majors such as BP PLC (BP), Royal Dutch Shell PLC (RDSA), ExxonMobil Corp. (XOM), Lukoil Holdings (LUKOY, LKOH.RS), Total SA (TOT), China National Petroleum Corp., or CNPC, Eni SpA (ENI.MI), Occidental Petroleum Corp. (OXY) and Chevron Corp. (CVX).

The list also includes nine Japanese firms. They are, among others, INPEX Corp. (IPXHY), Japan Oil, Gas and Metals National Corp., or JOGMEC, Mitsui Oil Exploration Co. Ltd, JX Nippon Oil & Gas Exploration Corp., or JX-NOEX, Itochu Corp ((8001.TO), Mitsubishi Corp. (8058.TO), and Japan Petroleum exploration Co. Ltd (1662.TO), known as Japex.

Two Arab companies are listed by the ministry. They are Mubadala Oil & Gas of the United Arab Emirates, and Kuwait Energy of Kuwait. “ Click here for full article

As international operators steer their attention to this new opportunity there is an increased need to fully understand the licensing regulations. Ahmed Mousa Jiyad, Founder, Iraq Consultancy and Research will be  joining the World Frontier Exploration Congress in December to highlight strategies for a successful licensing round. 

Quinton Rafuse, Chief of Exploration at Sonoro Energy will also be taking part in the World Frontier Exploration Congress to offer in-depth insights into heavy oil E&P in Iraq.

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