Iraq seeks foreign investors to develop oil fields


Iraq is inviting international energy companies to develop the country’s 13 oil and gas fields and exploration blocks.

The country’s Oil Minister Hayan Abdul Ghani on Monday said the 13 sites are located in the provinces of Basra, Maysan, Wasit, Baghdad, Salahudin, and Nineveh.

Ministry spokesman Asim Jihad said international companies interested in the projects could submit their requests no later than June 15, 2023, according to the statement.

Iraq opened its oil and gas sector for foreign investment in 2009.

On Friday, Abdul Ghani said the country’s oil reserves increased by 10 billion barrels and its natural gas reserves by eight trillion cubic feet.

The new figures would raise the proven reserves of Iraq’s crude oil to about 155 billion barrels and natural gas to about 140 trillion cubic feet.

The new figures have not yet been officially adopted by the Organization of the Petroleum Exporting Countries (OPEC), of which Iraq is a member. Iraq’s economy heavily relies on crude oil exports, which account for more than 90 percent of the country’s revenues.


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