Saturday 4 July 2009

Plan to advance second auction and offer undeveloped reserves

Iraq plans to bring forward a second bidding round for major energy contracts and may give foreign firms another run at oilfields that were left over after last week's sale, which clinched only one deal.

The country's second bidding round of energy deals "was supposed to be at the end of the year but we have moved it up. We will announce the new date. It could be in the next few months", Oil Ministry spokesman Asim Jihad said on Thursday.

That auction will follow on from Tuesday's tender for eight major oil and gas fields, Iraq's first energy sale since the 2003 US invasion and the first open run oil firms have had at the world's third largest reserves since Iraq nationalised the industry in 1972.

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