Iraq Signs Final Gas Contract with Pakistan Petroleum

Source: www.gulfoilandgas.com 11/7/2012, Location: Middle East

Iraq signed a final gas exploration contract with Pakistan Petroleum as part of its drive to attract investment in its energy sector following years of neglect. The contract gives the Pakistani company the right to explore gas Block 8, covering an area of 6,000 sq kms in Diyala and Wasit provinces in eastern Iraq.

Iraq has the world's 10th-largest gas reserves and has said its priority will be to use it on the domestic market, mainly for power generation. But it has left open the possibility of allowing gas exports once domestic needs are met. 'Developing exploration Block 8 could be very promising as a source of gas to feed the country's power plants in future and open the way for Iraq to be a major exporter,' said Ahmed al-Shamma, Iraq's deputy oil minister, during a signing ceremony.

OPEC member Iraq has already signed scores of contracts with foreign companies to develop its oil industry as it seeks to rebuild after years of war and economic sanctions. The major issue with rehabilitating Iraq's energy sector though has been its failure to lure enough foreign investment. Tough contracts and logistical red tape in Iraq have held back much foreign investment.

A handful of international companies, including Pakistan Petroleum, Kuwait Energy and Lukoil, won bids in May at Iraq's fourth energy auction, which had a poor showing because of tough contract terms drawn up by Baghdad. 'We are planning to spend a minimum of $100 million to start exploration activities and we might need additional $400 million as investments,' Pakistan Petroleum chief executive Asim Khan told reporters in Baghdad.


United States >>  6/29/2022 - PDC Energy, Inc. announced that the Colorado Oil and Gas Conservation Commission (“COGCC”) approved the Company’s Broe Oil & Gas Development Plan (“OG...
Trinidad and Tobago >>  6/27/2022 - Onshore Trinidad's Ortoire block is where Touchstone Exploration Inc. ("Touchstone" ) (TXP) provides an update on operational progress. The Ortoire bl...

United Kingdom >>  6/23/2022 - Highlights:
• Anning and Somerville gas field development classified as Reserves following an independent Technical and Commercial Audit conducte...

Morocco >>  6/22/2022 - Chariot (CHAR), the Africa focused transitional energy company, announces its audited final results for the year ended 31 December 2021. ...

United Kingdom >>  6/21/2022 - Union Jack Oil, a conventional onshore hydrocarbon production, development, and exploration business based in the United Kingdom, has released details...
Canada >>  6/16/2022 - - 2022 guidance increased to an average production range of 31,500 to 32,500 boe/d based on expanded capital development program
- Second half 2...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.