Iraq postpones bidding for 12 fields

BAGHDAD, November 10, 2016 – The Iraqi oil ministry announced on Thursday that it would postpone a bidding round for 12 small and medium-sized fields spread across the Misan, Basra and Central provinces of the country.

The announcement for the auction last month indicated that the Iraqi government was seeking to move away from the service contracts used with larger fields that forced it to pay a fixed price for every barrel of oil produced.

Now those terms would be reviewed, the ministry said in a press release.

“[The] Ministry of Oil announces that there are essential changes in the previous announcement, where some of the fields mentioned in the said announcement will be developed by the national efforts of [the] Ministry of Oil, in addition to new fields [that] will be added to this project,” the statement read. “Therefore, [the] Ministry of Oil will iterate its announcement of this project by mid-2017.”

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