Energy Iraq to auction 30 oil and gas projects this month By Pramod Kumar April 19, 2024, 11:30 AM Reuters/Essam Al-Sudani The central station gas processing plant at Rumaila oilfield in Basra. The new bidding round will be held on April 27 Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. NewsletterGet the Best of AGBI delivered straight to your inbox every week Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues. Ali Metwally, an economist focused on the Middle East based in London, told AGBI the revision of the regulatory framework has the potential to make Iraq a more appealing investment destination for international oil companies. Iraq shapes up as a destination for UAE investors UAE to develop Iraq’s port and economic zone Iran’s gas ambitions under pressure Western oil companies have been pushing for production-sharing for a long time as Iraq is seen as a big political and economic risk by their boards, said Douglas Silliman, former American ambassador in Iraq and Kuwait and president at The Arab Gulf States Institute in Washington. Hydrocarbons contribute to about 50 percent of the country’s GDP and account for around 85 percent of total economic activity, Mazhar Mohammed Saleh, a financial adviser to Iraq’s prime minister Mohammed Shia’ al Sudani, said.