Iraq invites foreign firms to explore, develop 11 gas blocks
19 Jun 2023 10:12am
The country's oil reserves increased by 10 billion barrels and its natural gas reserves by eight trillion cubic feet after a three-dimensional seismic survey near Basra, a key oil hub located about 550 km south of the capital Baghdad. -AFP pix
Of the 11 blocks eight are located in Anbar Province in western Iraq, one in the northern province of Nineveh, one in an area between the provinces of Anbar and Najaf, and one between Anbar and Nineveh, Abdul-Ghani said in a statement issued by the oil ministry, reported Xinhua.
The ministry has completed its preparations for the bidding round, he added.
Iraq opened its oil and gas sector for foreign investment in 2009.
In May, Abdul-Ghani said the country's oil reserves increased by 10 billion barrels and its natural gas reserves by eight trillion cubic feet after a three-dimensional seismic survey near Basra, a key oil hub located about 550 km south of the capital Baghdad.
The new figures would raise the proven reserves of Iraq's crude oil to about 155 billion barrels and natural gas to about 140 trillion cubic feet.
It is worth noting that the Organisation of the Petroleum Exporting Countries, of which Iraq is a member, has not officially adopted the new figures yet.
Iraq's economy heavily relies on crude oil exports, which account for more than 90 per cent of the country's revenues. -Bernama/Xinhua
