Iraq’s oil ministry on 14 August signed preliminary contracts for upstream growth awards made throughout Licensing Spherical 5+ (LR5+) and Licensing Spherical 6 (LR6) earlier this yr (MEES, 17 Might). The ministry’s Petroleum Contracts and Licensing Directorate (PCLD) held an “preliminary signing ceremony,” implying that the following stage might be contract negotiations, the place profitable companies try to vary some phrases earlier than a remaining signature. Remaining contracts will finally must be ratified by the cupboard.
The spherical was dominated by Chinese language companies, with state companies Sinopec and CNOOC and a raft of small independents secured property. Iraqi-Kurdish conglomerate Kar was the one non-Chinese language agency, profitable three blocks. Oil Minister Hayan Abdulghani hopes that growth of the 13 awarded blocks will add 750,000 b/d and 850mn cfd to manufacturing. (CONTINUED – 125 WORDS)
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