Exploration and Production Iraq’s Round 5(+) and 6 Licensing Rounds

Since the Iraqi upstream sector opened to private sector investment in 2008, the country has added over 2 million barrels per day of oil production. To support the country’s continued economic expansion and need for additional natural gas for power generation, the Ministry of Oil launched its latest offerings of contract areas in its 5th (Plus) and 6th Licensing Rounds.

A total of 30 blocks are on offer comprising a range of opportunities from frontier exploration to field appraisal and development. The majority of the areas are offered under long term (30-34 years) profit-sharing based Exploration, Development and Production Contract (EDPC). Two areas are offered under 20-25 year Development and Production Contracts (DPC).

The Ministry, through its Petroleum Contracts and Licensing Directorate (PCLD), is targeting completion of the rounds in March 2024.

Source: https://iraq-pcld.com/