Oil is the fifth licensing round after the fourth round

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02/07/2012 01:03
BAGHDAD / Center Brief for the Iraqi Media Network - The Ministry of Oil preparations it kicking off the fifth licensing round after the completion of a fourth round of licensing.

He said assistant general manager of contracts and licenses for Sabah al-Saadi (Brief Center for the Iraqi Media Network) that "the ministry released kicking off preparing for the fifth licensing round after round of licensing file decisively fourth which initial contracts will be concluded in the middle of this month."

"The fifth round of licenses did not specify which patches will be exploratory and the ministry was considering the implementation mechanisms of the fifth round of licensing in the next phase."

The Oil Ministry has identified the middle of July the date for the signing of preliminary contracts with companies winning the fourth licensing round.

And announced on May 30 in the victory of the past three companies Emirati, Kuwaiti and Turkish in the first phase of the fourth round of licenses to invest in oil exploration areas in the ninth in the province of Basra.

It is hoped to become the fourth round of licensing contracts effective immediately upon approval of the Council of Ministers.

The Ministry of Oil to check the fourth round of licensing contracts.

Oil accounts for 94% of the proceeds of Iraq, which has the third largest in the world is estimated at 115 billion barrels after Saudi Arabia and Iran.


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