Iraq qualifies 35 companies for oil deals

Iraq's Oil Ministry has approved 35 companies it will allow to bid for soon-to-be announced tenders to develop oil and gas fields.

The largest oil companies in the world -- ExxonMobil, Shell, BP, Conoco Phillips, Chevron -- all qualified, as did firms of a variety of sizes and nationalities.

The announcement Monday on the ministry's Web site is a major move that could bring foreign oil companies en masse into Iraq since the third-largest oil sector in the world was nationalized three decades ago.

It takes place as the ministry attempts to increase oil and gas production as a new law to govern the sector remains in dispute between the central and Kurdistan regional governments.

The announcement said of the 120 companies or consortia that applied, 35 met the minimum criteria and "can then participate in the coming Licensing Round for planned Oil and Gas Fields which will be announced in due time when they will receive a Letter of Invitation from Petroleum Contracts and Licensing Directorate to this effect."

Those that didn't qualify this time will be able to update their applications for future bidding rounds.

Iraq's Oil Ministry will not unveil the list of oil and gas fields that will be put to tender. Iraq wants to increase production from the current 2.4 million barrels per day to 6 million bpd in the short term. Its plan is to increase production of currently flowing fields and develop those fields discovered but not producing. There is not expected to be any exploration blocks included in the tender.Full article