Iraq Postpones Oil and Gas Auction

By John Lee.

Iraq’s Ministry of Oil has reportedly postponed its oil and gas bidding round for 11 new blocks to 25th April.

Abdul Mahdi al-Ameedi, director general of the Petroleum Contracts and Licensing Directorate (PCLD), told Reuters:

“The bidding process was rescheduled to be on April 25. It is just to give the companies a little bit more time to submit the bid bonds and be prepared for the bidding.”

However, Oil Ministry Spokesman Asim Jihad told Bloomberg he was unaware of any postponement in the auction, originally scheduled for 15th April.

Just two weeks ago, the ministry said it was changing to a new “hybrid” type of oil contract.

(Sources: Reuters, Bloomberg)