International firms compete for 30 energy projects in Iraq

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International firms compete for 30 energy projects in Iraq

The Iraqi Ministry of Oil announced a new round of oil exploration and production licenses with the intention of attracting international energy companies to carry out 30 strategic projects in various parts of Iraq in an effort to boost the country’s economy and attract investments from abroad.

Security, political, and technical issues caused the withdrawal of international oil and gas companies from Iraq; The Iraqi government, on the other hand, aims to re-attract investments and revive this industry by fostering strategic partnerships with major corporations and creating an ideal investment environment.

The country’s efforts to strengthen its energy sector and achieve sustainable development are reflected in the announcement of the new licensing round made by the Ministry of Oil.

The Iraqi Service of Oil said last Thursday that it will start tolerating offers from unfamiliar organizations on April 27 for agreements to investigate oil and gas holds. On the other hand, the ministry later disclosed on Wednesday that the action has been postponed and will now occur at a later time.

Last week, Asem Jihad, the Oil Ministry’s spokesperson, said that the government wants to produce the natural gas needed to run power plants and reduce imports that are straining the national budget.

Jihad showed that there are 16 projects in the “fifth plus” round, some of which were not granted in the fifth licensing round, and that the majority of the projects in the sixth round will be exploratory gas blocks.

The governorates of Nineveh, Anbar, Karbala, Najaf, Babylon, Qadisiyah, Muthanna, Basra, Thi Qar, Maysan, Wasit, Diyala, and the capital Baghdad are completely remembered for the ventures, as per Jihad.

Due to its strategic location and vast natural resource reserves, Iraq is one of the most important regions in the world for the oil and gas industry. This gives the country unique opportunities for investment and development in this important sector.