Iraq to hold fourth energy bidding round in November

Iraq's Oil Minister Abdulkareem Luaibi has said the country's fourth energy bidding round would be held in November. The minister added that there would be 12 explorations blocs on offer to international oil companies.

Luaibi said that 70 per cent of the offered blocs would contain natural gas and the rest a combination of both oil and gas. Speaking to the press in Baghdad, he said: "We think that these 12 blocks contain at least 29 trillion cubic feet of [non-associated] gas.”

So far, Iraq has held three international bidding rounds since 2009 in an attempt to attract foreign investment and boost the country's economy.

Luaibi also noted that "global oil prices are moving toward $120 a barrel. We consider this an acceptable price that will not harm global growth".

Iraq expects its oil output to reach over 6 million b/d by 2014, forecasting an output of 2.75 million b/d for this year; a rise to 3.3 million b/d in 2012; 4.5 million b/d in 2013; and 6.5 million b/d in 2014.

Sources: AP, CB Online, Kipp Report, Reuters, Dow Jones Newswire

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