Dubai-owned Dragon Oil Holdings intends to bid for gas concessions in Iraq within the Arab country’s sixth hydrocarbon concession licensing round which was announced three months ago, the Company’s CEO said on Monday.

Ali Al-Jarwan told Dubai-based CNBC Arabia cable news network that it aims to pump as much as 200,000bpd of oil in Iraq by 2025. The company is currently involved in two projects in Iraq for gas treatment and separation at a investment of nearly $800 million.

Jarwan noted that Dragon Oil, which is owned by the state-run Emirates National Oil Company (ENOC), has already spent nearly 90 percent of its 2023 investment budget of $1.7 billion.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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