Iraq sets January deadline for oil companies in new licensing rounds

The deadline for international oil companies to send a formal letter of intent for Iraq's fifth + and sixth licensing round is January 2024, an Iraq oil ministry official said on Tuesday. Al-Neama, head of the Exploration Contracts Division in the Iraqi ministry of oil said during the ADIPEC energy conference in UAE's capital Abu Dhabi. "Iraq fifth + and sixth licensing round reduces royalty," he added.

The deadline for international oil companies to send a formal letter of intent for Iraq's fifth + and sixth licensing round is January 2024, an Iraq oil ministry official said on Tuesday. Iraq fifth + and sixth licensing round will have a profit-sharing arrangement and will remove a "huge amount" of investor burden, Al-Hakam I. Al-Neama, head of the Exploration Contracts Division in the Iraqi ministry of oil said during the ADIPEC energy conference in UAE's capital Abu Dhabi.

"Iraq fifth + and sixth licensing round reduces royalty," he added.

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