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Appetite comes while eating: China participated in extracting oil and gas in Iraq

Appetite comes while eating: China participated in extracting oil and gas in Iraq

Chinese companies won five other bids to explore Iraqi oil and gas fields – The Iraqi Oil Minister said on Sunday, after the continuation of the round of licenses for hydrocarbon exploration in the Middle Eastern country for the second day.

So far, Chinese companies have been the only foreign companies to win bids, securing 10 oil and gas field licenses since Saturday, while Iraqi Kurdish company KAR Group secured two. Oil and gas licenses for a total of 29 projects are primarily aimed at increasing domestic production, and more than 20 companies, including European, Chinese, Arab and Iraqi groups, have applied for pre-qualification. Reuters.

This licensing round aims primarily to increase the production of natural gas, which it intends to use to heat power plants that rely heavily on gas imported from Iran. However, no bids have been received for at least six fields with gas potential, which may undermine these efforts.
It is worth noting that no major US oil company was involved, even after that Muhammad Siya The Iraqi Prime Minister met with representatives of American companies during his official visit to the United States last month.

Among the qualitative awards, the Chinese company CNOOC Iraq won the tender to develop the Iraqi Oil Exploration Zone No. 7, which covers the central and southern governorates of the Arab country, namely Diwaniyah, Babil, Najaf, Wasit, and Muthanna.

The development of Iraq's oil sector, OPEC's second-largest oil producer after Saudi Arabia, is hampered by contract terms that major oil companies consider unfavorable, frequent military conflicts, and increased investor interest in environmental, social, and governance standards.

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