AFP - Iraqi Oil Minister Hussein al-Shahristani opened an international auction of three gas fields on Tuesday, saying the energy sector could jump-start the economy by creating jobs and providing much-needed electricity.
Iraq on Thursday invited international energy firms to submit bids for a September 1 auction of three of its gas fields, in the war-torn country's third major attempt to develop its oil and gas sector."We expect to receive the offers and we will open them on September 1," Oil Minister Hussein al-Shahristani told reporters in Baghdad.Since November, Baghdad has signed contracts with foreign firms to develop 10 oil fields around the country, with the aim of raising its output, currently at 2.4 million bpd, to between 10 and 12 million bpd.
Japan's trade minister has expressed interest in cooperating with Iraq on nuclear energy, the Iraqi interim electricity minister said on Monday after talks in Baghdad."We discussed this issue with the Japanese minister, and he desires to cooperate with Iraq in this field," Hussein al-Shahristani said at a joint news conference with Akihiro Ohata, asked if they discussed nuclear energy."Iraq will study developing its peaceful nuclear industry," Shahristani said.
Iraq awarded two gas fields at a major international auction on Wednesday that the oil minister said was key to boosting the economy.The largest of the three fields up for sale went to a Kazakh and Korean consortium while the smallest went to a Turkish and Kuwaiti joint venture.The Korean Gas Corporation of South Korea and Kazakhstan's KazMunaiGaz won the 50-50 joint venture to develop the Akkaz field, in Anbar province west of Baghdad, which has reserves of about 158 billion cubic metres (5.6 trillion cubic feet).
Iraq awarded to a Kazakh and Korean consortium the first and largest of three gas fields up for sale at an international gas auction on Wednesday that the oil minister said was key to boosting the economy.The Korean Gas Corporation of South Korea and Kazakhstan's KazMunaiGaz won the 50-50 joint venture to develop the Akkaz field, in Anbar province west of Baghdad, which has reserves of about 158 billion cubic metres (5.6 trillion cubic feet).
NEW DELHI: The Cabinet today approved auction of 69 small and marginal oil fields of state-owned ONGC and Oil India to private and foreign firms as a precursor to a full fledged licensing round. The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, today approved auctioning of the fields that state-owned firms are surrendering because they were uneconomical to develop due to government's subsidy sharing mechanism.
NEW DELHI: Government expects to finalise the new policy for auction of oil and gas blocks during the ongoing financial year, Oil Minister Dharmendra Pradhan said. "We have brought this consultation paper and suggestions will come in by November 30. We will make the policy after considering all the views and take it to the Cabinet. It will be our endeavour to make the policy during this financial year only," Pradhan told reporters on the sidelines of Bio-Energy Summit 2015 organised by CII here.
Revenues from oil sales account for 95 percent of Iraq's income, Oil Minister Hussein al-Shahristani said on Tuesday, underlining the war-battered nation's reliance on crude to rebuild its economy.Shahristani said Iraq raised 171 billion dollars from sales between 2006-2009, which accounted for all but five percent of the government's income during those years."Oil accounted for 95 percent of government revenue," he told reporters in Baghdad, following estimates of about 85 percent.