In a recent round of hydrocarbon exploration bidding, several Chinese companies managed to obtain contracts to explore five major oil and gas fields in Iraq . This initiative was carried out on Saturday and is part of Iraq’s efforts to increase its gas production to meet national demand.
Iraq oil and gas exploration boosts investments
Additionally, in this tender that lasted three days and covered regions of central, southern and western Iraq, an offshore exploration block in the Persian Gulf was also included for the first time. An Iraqi Kurdish company managed to obtain contracts for two of the 29 available projects, standing out in an event that attracts numerous international companies.
As might be expected, Iraq’s objective with these tenders is to attract multi-million dollar investments that help develop its oil and gas sector. This strategy seeks to increase local production of petrochemical products and reduce dependence on gas imports from Iran, which are essential for energy generation in the country.
Among the pre-qualified participants were more than 20 companies, including European, Arab, Chinese and Iraqi consortia. The absence of large American oil companies in this round is notable, despite the recent visit of Iraqi Prime Minister Mohammed Shia to the United States, where he met with representatives of this sector.
Chinese companies dominate oil exploration
Chinese companies, specifically, played a leading role in winning five of the bids. Among them, Zhongman Petroleum and Natural Gas Group and Zpec obtained rights to explore in key areas such as northern Baghdad and the southern provinces of Najaf and Karbala. In addition, United Energy Group Ltd was awarded the Al-Faw field in Basra, ZhenHua the Qurnain field near the border with Saudi Arabia, and Geo-Jade the Zurbatiya field in Wasit.
The impact of these contracts extends beyond the energy field, since revitalizes the local economy through job creation and infrastructure development. Furthermore, it strengthens Iraq’s position as a key player in the global energy market, which could alter regional and global dynamics in the sector.
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Source: amp.larepublica
Photo: Shutterstock
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