Iraq Set To Auction New Oil, Gas Blocks
From Reuters
Iraq will auction 12 new oil and gas exploration blocks this week in a fourth energy bidding round, as it seeks the rapid expansion of a sector vital to its economy, but tough contract terms mean Baghdad may struggle to drum up major interest.
The country, a member of the Organization of the Petroleum Exporting Countries (OPEC), has the world”s fourth largest oil reserves and can offer some of the last potentially rich unexplored territories after its energy sector was left under-developed by decades of war and economic sanctions.
