Iraq is planning to offer fresh oil and gas concession sites to international firms as part of two new licensing rounds designed to boost the OPEC member’s already massive hydrocarbon deposits, the official Iraq Alsabah newspaper said on Tuesday.

Rounds 6+ and 7 will be announced in the near future and invitations will be sent to investors to participate, the paper said, quoting Ali Al-Faris, a member of Parliament’s Oil and Gas Committee.

“There is government plan to hold two more licensing rounds for oil and gas investment in the country,” Faris said.

“A large part of round 6+ will be dedicated to gas while some oil concessions will be offered in round 7,” he added.

In early 2024, Iraq announced the award of several oil and gas concession sites to 22 global companies as part of rounds 5+ and 6.

Iraqi oil minister Hayan Abdel Ghani has said the new projects could add nearly 3.459 billion cubic feet of gas per day (cf/d).

The oil discoveries in the new sites are also expected to boost Iraq’s recoverable crude deposits to 160 billion barrels from around 145 trillion barrels.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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