Iraq approves PetroChina and 35 overseas companies to participate in Iraqi oil and gas exploration

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The Iraqi Ministry of Petroleum issued a statement on April 13 saying that 35 international oil companies have been allowed to participate in bidding for the country’s future oil and gas exploration contracts, including China National Petroleum Corporation.
The statement said that the 35 companies were selected from a total of 120 companies that originally applied for bids. Among the selected companies, besides PetroChina, there are internationally renowned oil companies such as Chevron, Shell, Exxon Mobil, BP, Luke of Russia, and Eni of Italy.
But the statement pointed out that the approval of these 35 companies does not mean that other companies will never lose their opportunities. Iraq’s Ministry of Petroleum will continue to approve qualified companies to participate in the development of oil and gas projects in the country. In principle, the more international companies that participate, the better.
Iraq’s oil reserves rank third in the world. It is reported that Iraq hopes to increase the daily production of domestic oil by 500,000 barrels to reach 2.77 million barrels in a certain period of time through cooperation with international oil companies.

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