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FINANCIAL NEWS
Iraq to delay auction for gas fields
31 Jul 2010
(MENAFN) Iraq’s oil ministry said that the government is considering postponing an auction for companies who want to develop its gas fields to give them more time, Reuters reported.
The fields on offer are Akkas in the western desert, Siba in the southern hub of Basra and Mansuriyah in eastern Iraq.
The ministry will hold a workshop in Istanbul on August 1 to 2 to discuss details of the gas bidding round and contract terms with interested bidders.
Baghdad had said it will invite all 45 international companies, who were prequalified in the two oil auctions last year, to bid to develop three gas fields and the auction was to have taken place on September 1.
Iraq signed a series of deals after two auctions last year, which could boost crude production capacity to Saudi Arabia’s levels of 12 million barrels per day from 2.5 million bpd now.
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