Iraq on Sunday signed oil concession agreements with six Chinese companies as per contracts awarded recently within the fifth and 6th licensing rounds.

Iraqi Oil Minister Hayyan Abdul Ghani Al-Suwayd said after the signing in Baghdad that such projects would boost Iraq’s oil and gas production by 750,000 barrels per day and 800-850 million cubic feet per day respectively 

“These promising projects will secure fuel for power facilities and support petrochemical and other industries in Iraq,” the Minister told the Iraqi News Agency.

The report said the accords were signed with UEG, GEO-Jade, Zhenhua, Anton Oil, Sinopec and ZEPC in addition to Iraq’s KAR Group.

Details are as under:

  • Basra Oil Company signed with UEG for the Faw block and with Geo-Jade for Jabal Sanam block.
  • Missan Oil Company signed with KAR for the Dima field.
  • North Oil Company with KAR for the Alaan and Sasan fields.
  • Thi-Qar Oil Company with Sinopec for Somar and Adan blocks, and with ZhenHua for the Abu Kheima field.
  • Middle Oil Company with ZEPC for the East Baghdad field and Middle Euphrates fields; with KAR for the Khalisiya block; with ZhenHua for Qarnain block; Geo-Jade for the Zurbatiyah block and Anton Oil for the Dufariyah field.

In May, Iraq awarded 14 concession sites to companies from China and other countries of the 29 sites offered for investment within the fifth and sixth licensing rounds.

Iraq, OPEC’s second largest producer, controls around 145 billion of proven crude deposits and more than three trillion cubic metres of natural gas.

(Writing by Nadim Kawach; Additional writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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