Some 16 companies, including Exxon, Chevron, and Total, have expressed interest in 11 Iraqi oil and gas fields, the bidding for which takes place on April 15th, Oil Price reported.
Iraq, OPEC’s second biggest producer, is looking to award service contracts on the bidding day for developing onshore and offshore oil and gas fields. The development plans include three blocks along the Iraq-Kuwait border, seven blocks on Iraq’s border with Iran, and one offshore block in the Persian Gulf.
The production companies interested include Exxon, Chevron, Total, Eni, Lukoil, Gazprom, Zarubezhneft, Petroliam Nasional Bhd, Oil & Natural Gas Corp, CNOOC, Geo-Jade Petroleum Corp, China ZhenHua Oil Co, United Energy Group Ltd, Dana Gas, Crescent Petroleum, and Dragon Oil Plc, according to a document by the Oil Ministry distributed on March 30th.
On March 29th, Iraqi oil minister Jabar Al-Luaibi announced that Iraq may double the oil reserves that previously thought, putting the country in competition with Venezuela for largest reserves worldwide at around the 300 billion barrels mark. The claims are yet to be verified and Iraq’s current proven reserves stand at roughly 153 billion barrels.