Iraq signs 5th round contracts, previews potential 6th round
Iraqi Prime Minister Mohammed Shia al-Sudani (center) and Oil Minister Hayyan Abdulghani (standing, center right) oversee the signing of contracts with the UAE's Crescent Petroleum on Feb. 21, 2023 at the Oil Ministry in Baghdad. (Photo credit: Prime Minister's Office)
BAGHDAD - Iraq's Oil Ministry signed six oil and gas contracts on Tuesday that had been awarded in its fifth licensing round in 2018, while also teasing another round of gas-focused deals that could soon be offered.
"We congratulate you on the final signing of the contracts for the long-awaited fifth round," said Iraqi Prime Minister Mohammed Shia al-Sudani at the Oil Ministry's signing ceremony, according a written excerpt of his remarks published by his office. Sudani noted that the deals had been "stalled for five years, costing Iraq millions of dollars and causing harmful environmental damage."
Multiple senior Oil Ministry officials and one industry official said the contracts are final and binding. Their signings represent a major step forward for Iraq's plans to boost domestic energy production, diversify revenue streams, and reduce dependence on costly and unreliable gas imports from Iran.
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