Shafaq News/ On Monday, Iraqi Oil Minister Hayan Abdul-Ghani announced that international companies specializing in exploration, development, and production activities are invited to participate in the competition for investment opportunities within the annex to the fifth licensing round.
This round includes 13 oil and gas fields and exploratory sites located in the northern, central, and southern governorates of Iraq.
The purpose of the fifth licensing round is to enhance oil and gas production and reserves and encourage investment in the oil sector through collaboration with international companies.
The Ministry of Oil aims to attract specialized companies to develop oil and gas fields and sites by inviting them to participate in this round.
The fields, sites, and blocks included in the fifth licensing round annex are as follows:
• Al-Faw area - Basra Governorate.
• Mountain Sanam area - Basra Governorate.
• Al-Shihabi patch - Maysan and Wasit governorates.
• Zurbatiya District - Wasit Governorate.
• Al-Dimah field - Maysan Governorate.
• Qalat Saleh area - Maysan Governorate.
• East Baghdad field - northern extensions - Baghdad and Saladin governorates.
• Al-Dhafriya field - Wasit Governorate.
• Allan Field - Nineveh Governorate.
• Sasan Field - Nineveh Governorate.
• Balkana Field - Salah Al-Din Governorate.
• Abu Khaima field - Basra Governorate.
• The fields of the Middle Euphrates (Al-Kifl, West Al-Kifl, and Marjan).
The Ministry of Oil has set a deadline for companies interested in participating in the competition to submit their formal requests no later than the end of official working hours on June 15, 2023.
It is worth noting that Iraq is home to numerous oil fields vital for its economy and global oil production some of them are out of workfor many factors including security concerns as Iraq has faced significant security challenges, including conflicts and insurgency.
Infrastructure limitations also play a role. The pipelines, refineries, and storage facilities may require maintenance or repair, causing disruptions in production and distribution. Inadequate infrastructure can hinder the efficient operation of fields.
Oil and gas fields require regular maintenance and investment to sustain production levels. Aging equipment, outdated technologies, and limited investment can result in decreased productivity or the need for temporary shutdowns.
Iraq's oil and gas industry heavily relies on revenue from oil exports. As a result, fluctuations in oil prices, economic challenges, and budget constraints can impact investment in the sector, leading to reduced operations or delayed development of fields.