Investment by Russian oil and gas companies in Iraq may increase three-fold, according to a report by Tass.
It quotes Russian politician Yury Fedorov [Nikolay Vasilyevich Fyodorov] as telling the Iraqi Ambassador to Russia, Abdul-Rahman Al-Husseini, that the total investment in Iraq by companies such as Lukoil, Bashneftand Gazprom Neft has exceeded $10 billion, and that this could triple.
Iraq’s Petroleum Contracts and Licensing Directorate (PCLD) has announced the five additional companies have been approved to bid for Iraq’s “borderline onshore & offshore exploration blocks & fields.”
The companies are listed as:
Dana Gas (UAE)
Dragon Oil (UAE)
Geo-Jade Petroleum (China)
Eight companies had applied for approval.
The five successful companies will be eligible to compete along with the following companies which are qualified from previous licensing rounds:
The areas to be offered include the onshore exploration blocks of Khudher Al-Mai, Jebel Sanam (Jabal Sanam) and Umm-Qasr on the Kuwaiti border; the Sindbad, Huwaiza, Shihabi, Zurbatia and Naft Khana blocks on the Iranian border; and the offshore exploration blocks in the Iraqi regional waters of the Arab gulf.
The bidding process should commence in May, according to the following schedule:
Russia’s Lukoil is considering joining a joint venture with Russian state-owned exploration and production company Zarubezhneft to develop the Nassiriya oil field and help build an associated refinery.
The next round of talks on the project with the Iraqi government is expected this summer, LUKoil CEO Vagit Alekperov (pictured) stated earlier, according to Itar-Tass.
The company recently commenced production at the West-Qurna 2 project in southern Iraq.
(Source: UPI, Itar-Tass)