Chinese companies win more bids to explore for Iraq oil and gas – Times of India
The article discusses Chinese companies’ success in securing bids for oil and gas exploration in Iraq. Five bids were won by Chinese firms, with Iraqi Kurdish company KAR Group securing two. The bidding, part of Iraq’s sixth licensing round, aims to boost domestic energy production, particularly natural gas for power plants. Notably, no U.S. oil majors participated, despite Iraqi Prime Minister Mohammed Shia’s recent visit to the U.S. Chinese companies like CNOOC Iraq, ZhenHua, Anton Oilfield Services, Sinopec, and Geo-Jade secured bids for various oil exploration projects across Iraq. However, some fields with gas potential received no bids, potentially hindering Iraq’s gas output goals. Iraq’s oil sector development faces challenges due to unfavorable contract terms, military conflicts, and increased investor scrutiny on environmental and social factors.
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