BR4: The Lessons

Now that the fourth bid round is wrapped and closed with just one gas exploration block awarded in addition to two oil exploration blocks, it is time for Iraq’s oil ministry to draw lessons from the lackluster bid round and devise new ways to explore the Western Desert, thought to contain much of Iraq’s gas potential. The first lesson to draw is that upstream companies are not service companies, ready…

Bid Round Four Results

Block 1 Bidders & Bids: None Ministry’s maximum acceptable Remuneration fee: –  Location: The block lies within the northwestern part of Iraq, about 100 km west of Mosul by the Syria-Iraq border and covers an area of around 7,300 km2. Geology: Located in Rutba-Jezira tectonic zone, large structures remain undrilled. Two wells have been drilled in the north and the south of the block. Oil was tested from the Miocene and…