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.
NEW DELHI: The government is planning to begin the process to auction marginal oil and gas fields in a month after delaying it for several months due to lower oil prices, an oil ministry official has said. The oil ministry will hold a meeting next week to finalize a timeline for the auction, after which officials will begin a roadshow, showcasing small discovered fields to potential investors, the official said.
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: As many as 28 oil and gas fields out of the 69 small and marginal fields of state-owned firms that the government plans to auction to private players are in Mumbai offshore, Oil Minister Dharmendra Pradhan said today. Of the 69 idle oil and gas fields of state-owned ONGC and Oil India Ltd which are to be auctioned, 28 are in Mumbai Offshore while another 14 are in the prolific Krishna Godavari (KG) basin, he said in a written reply to a question in Lok Sabha here. As many as 10 discoveries in the Assam shelf are also on offer.
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.