Skip to content Skip to Search
Skip navigation

Iraq to auction 30 oil and gas projects this month

Iraq gas oil 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.



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. 

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.

Latest articles

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]

Saudi Comac Dongfeng He Bandar al-Khorayef

Chinese planemaker banned by US woos Saudi airlines

The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China.  Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […]

The UAE's minister of industry and advanced technology, Sultan Al Jaber, left, met Karl Nehammer, Chancellor of Austria, for talks on trade

Austrian finance unicorn to open in UAE

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share […]