Oil Minister Jabbar al-Luaibi on Monday called on international companies to invest and compete to explore, develop and produce nine border points with Kuwait, Iran and Gulf waters. The development of these patches will increase oil reserves.
“The aim of the plans for the development of the new exploratory spots is to maximize the proven national reserves of oil and gas, as well as to optimize investment of the border exploratory spots that have been neglected over the past decades because of the wars and challenges that have faced our country over the past period,” al-Allaibi told a news conference.
He stressed that “the contracts that are hoped to be concluded with the international companies in this round is an important step towards adopting a new commercial model and financial terms different from previous decades, where will be studying and analysis of business models that will be offered by companies wishing to invest and then will negotiate and choose the contract that meets our goals” .
“What distinguishes these contracts is that they are complex contracts involving the exploration, development and production activities in the case of exploratory exploration contracts. In the fields of undiscovered green fields, the activities include development and production, and the most important characteristic of this tour is that it includes the development of an exploratory area In the territorial waters south of the country and this is the first maritime patch is being announced and is an important development in the industry. ”
For his part, the Director of the Department of contracts and licensing of petroleum Abdul-Mahdi al-Amidi detailed explanation of the declared patches and extensions, fields and structures included as well as oil and gas reserves.
He added that the exploratory spots included the water fields, including the Basra field, Jabal Sinam and Faw, located on the Iraqi-Kuwaiti border. It also includes the exploratory plains located on the Iraqi-Iranian border (Sinbad and includes the fields of Sinbad 1 and Sindbad 2, Zarkatiya, Tariq, Nefta Kana and Mandali fields. They include Habib, Tal Ghazal, Hattab, Nazaradak, Saadia, Naft Khanh, Aqba and Naudoman.
He explained that the marine exploratory patches were the patch of the Gulf, which lies within the territorial waters of Iraq in the Gulf.
He added that the final document of the qualification contracts will be announced on 31 May 2018 and then be open to receive bids for companies wishing to compete in the new round.