Iraq plans to offer 10 gas exploration blocks to US companies during an upcoming visit by Oil Minister Hayan Abdel-Ghani to the United States, he announced on Saturday.
Hayan Abdel-Ghani © INA
Iraq plans to offer 10 gas exploration blocks to US companies during an upcoming visit by Oil Minister Hayan Abdel-Ghani to the United States, he announced on Saturday.
The move is part of Baghdad’s efforts to attract US investment into its energy sector, following previous licensing rounds where Chinese firms secured the majority of available fields.
The 10 gas blocks, left unclaimed following six licensing, rounds, will be presented in a new bidding process, Iraqi state media said, and comes as Iraq seeks to bolster its domestic gas production.
Abdel-Ghani also said Iraq will launch a new gas investment project by the end of the year at the Al-Faihaa oil field in southern Iraq. The project, with a capacity of 125 million standard cubic feet (mscf), is a key component of Iraq’s strategy to enhance its energy infrastructure.
The latest initiative follows recent agreements to develop 13 oil and gas blocks, aimed at increasing Iraq’s crude and gas output to supply power plants, which currently rely heavily on Iranian gas imports.
Negotiating teams from the U.S. and Iran could return to Islamabad later this week, five sources said on Tuesday, days after the highest-level talks between the two countries in decades ended without a breakthrough.
The deadline passed on Monday for the start of a U.S. military blockade of ships leaving Iran's ports, and Tehran threatened to retaliate against ports of its Gulf neighbours after weekend talks on ending the war broke down.
Israeli troops launched an attack on Monday to seize a key town in south Lebanon from Hezbollah fighters holed up there, pressing the war on the Iran-backed group on the eve of rare talks between Israeli and Lebanese government envoys.
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