BAGHDAD, May 11 (Xinhua) -- Iraq launched Saturday new oil and gas licensing rounds for 29 fields and exploration blocks in central, southern, and western regions.

At a ceremony, Iraqi Prime Minister Mohammed Shia' al-Sudani announced the launch of the fifth supplementary and the sixth licensing rounds for a total of 29 oil and gas exploration projects across 12 provinces, according to a statement from al-Sudani's media office.

"Our goal is to harness oil wealth by ending the flaring of associated gas within three to five years to mitigate its destructive environmental impact," al-Sudani was quoted as saying.

According to media reports, more licenses are expected to be awarded to some of the 22 energy companies that participated in the three-day licensing rounds.

Iraq, a member of the Organization of the Petroleum Exporting Countries, holds more than 145 billion barrels of proven oil reserves and about 132 trillion cubic feet of proven natural gas reserves.

The country's economy heavily relies on crude oil exports, which account for more than 90 percent of its revenues. Enditem

Related

Go to Forum >>0 Comment(s)