Opec’s second-largest producer has set a January deadline for international energy companies to submit formal letters of intent to take part in the auctions, as it strives to boost gas production and cut imports.
The fifth+ round comprises 16 projects, some of which were not awarded from the fifth licensing round, an Iraqi Oil Ministry official told reporters at ADIPEC.
The sixth round involves 14 projects, the official confirmed.
The rounds will have a profit-sharing arrangement and will be less burdensome on investors, according to Al-Hakam Al-Neama, head of the exploration contracts division at the ministry.
He said both rounds would involve lower royalty rates.
“So, the basis is like, yes, it will look like the fifth one with some improvements,” Arab Weekly quoted Al-Neama as saying.
Since 2009, Iraq has awarded dozens of deals to develop major oilfields that host more than half of its 145.02 billion barrels of proven reserves. Contracts to exploit natural gas resources have also been awarded.
Industry heavyweights operating in the nation include ExxonMobil, Shell, BP, China National Petroleum Corporation and Lukoil.
In June, Iraq made the nation’s largest-ever foreign investment when it signed a $27 billion deal with TotalEnergies to develop oil and gas resources to improve the country’s power supply.
