FINANCIAL NEWS

Iraq invites international bids for 3 gas fields

06 May 2010

(MENAFN) Iraqi Oil Minister Hussain al-Shahristani said that the government has invited international energy companies to bid for contracts to develop three untapped natural gas fields, Reuters reported.

The minister expressed confidence in international interest in the fields, saying that 45 companies with experience in gas projects will submit their offers in the country’s third energy bidding round, set for Sept. 1.

The Akkas gas field near the border with Syria has estimated reserves of 5.6 trillion cubic feet and was originally offered in Iraq’s first round of bidding. It only garnered a single offer, which was declined.

Mansouriya gas field, with reserves of 4.5 trillion cubic feet, is located in the once restive province of Diyala north of Baghdad and received no bids in the round.

The smaller Siba field, with 1.1 trillion cubic feet of reserves and near the border with Kuwait, will be offered up for the first time.

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