Thursday, September 08, 2011

Iraq OKs six more companies for 4th energy bid

Iraq has approved six more energy companies to participate in its 4th energy auction, raising the number of pre-qualified bidders to 46, a senior oil ministry official said on Wednesday.

The auction for 12 new exploration blocs, scheduled for late January, is expected to add 29 trillion cubic feet of gas and 10 billion barrels of oil to Iraqi reserves.

"We have six companies that were not qualified first, but after reviewing their information, we asked them to submit further documents to support their position. We have decided to qualify them after they offered the required documents," Abdul-Mahdy al-Ameedi, director of the oil ministry's contracts and licensing directorate, told Reuters.

It is quite fascinating to me that no matter how deep political deadlocks in Baghdad are, and regardless of whether security is improving or facing setbacks, the oil industry keeps going forward!

1 comment:

Extropolitca said...

This is the power of the free enterprise, when the government allow it to work freely (and protect itself).