Oil Minister: International companies will be invited to explore, develop and produce 9 new border points with Iran and Kuwait, including one in territorial waters


The Minister of Oil announced the holding of a promotional media conference to be held tomorrow and aims to invite international companies to invest in and contribute to the exploration, development and production of nine border Patches with hydrocarbon structures, one of them in the territorial waters.
Oil Minister Jabbar Ali Al-Allaibi said that the ministry aims to maximize oil and gas production and reserves by optimizing the national wealth in cooperation with international companies in the development and production of these border patches with Kuwait and Iran. Al-Luaibi said the ministry would announce the names of these patches in the provinces of Basra, Maysan, Muthana, Wasit, Diyala and one in the territorial waters in southern Iraq.
On the nature of the contracts of this round, Al-Allaibi said that these contracts differ from the contracts of previous licensing rounds and that the ministry will adopt new models in agreement with companies wishing to invest as required by the national interest in the development of the oil and gas industry in the country and in such a way to ensure financial revenues contribute to the federal budget Economic growth.

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