Iraq to start receiving bids for developing oil, gas fields in June

Iraq will start receiving bids next June for projects to develop nine oil and gas fields in an attempt to boost energy revenues, AP reported. Detailed energy information on the nine areas in question will be disclosed at the end of this month, Abdul-Mahdi al-Ameedi, who heads the Oil Ministry’s Licensing and Petroleum Contracts Department, said on Monday. Companies that bid on the projects will for the first time be able to take part in the drawing up of the contract, as an incentive for the bidders. Five of the nine fields or blocs are shared with Iran, three with Kuwait and one is located in the Persian Gulf. Iraq has the world’s fourth largest oil reserves.