Labourers walk down a path in the Nihran Bin Omar field north of Basra
Iraq sets January deadline for oil companies in new licensing rounds
An oil ministry official says Iraq fifth + and sixth licensing round will have a profit-sharing arrangement and will remove a "huge amount" of investor burden.
Tuesday 03/10/2023
Labourers walk down a path in the Nihran Bin Omar field north of Basra
DUBAI - The deadline for international oil companies to send a formal letter of intent for Iraq's fifth + and sixth licensing round is January 2024, an Iraq oil ministry official said on Tuesday.
Iraq fifth + and sixth licensing round will have a profit-sharing arrangement and will remove a "huge amount" of investor burden, Al-Hakam I. Al-Neama, head of the Exploration Contracts Division in the Iraqi ministry of oil said during the ADIPEC energy conference in UAE's capital Abu Dhabi.
"Iraq fifth + and sixth licensing round reduces royalty," he added.