InfoAnda - Iraq set to auction new oil, gas blocks |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

UK launches "Google for films" search engine | 28 January 2009
Not yet divorced Kelsey Grammer plans Feb wedding | 14 January 2011
Media death toll rose in 2011 versus 2010: IFJ | | 31 December 2011

Academy targets $175,000 illegal Oscar tickets | 27 January 2009

Forum Views () Forum Replies ()

Read more with google mobile : Iraq set to auction new oil, gas blocks |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Frederick Kempe Christopher Papagianis Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (1) Full Focus Editor's Choice Our best photos from the last 24 hours. See more Images of April Follow Reuters Facebook Twitter RSS YouTube Read Powerful "Flame" cyber weapon found in Iran 5:12pm EDT Miami witness describes horror of cannibalistic attack 4:27pm EDT Doctors disagree on when to stop PSA screening 11:07am EDT European shares knocked by Spain bank worries 1:05pm EDT Spanish debt costs spiral as crisis deepens | 1:08pm EDT Discussed 102 Iran has enough uranium for five bombs: expert 91 Protests planned after minister calls for gays to be fenced in 62 Biden tells West Point cadets: prepare for new threats Watched A look at the UK’s most beautiful face Thu, May 10 2012 Violence erupts as Nepal fails to pass new constitution Sun, May 27 2012 Tony Blair on Rupert Murdoch, spin and politics 12:05pm EDT Iraq set to auction new oil, gas blocks Tweet Share this Email Print Related News Iran, big powers agree to hold more nuclear talks in June Thu, May 24 2012 UPDATE 11-Oil up as Iran talks extended, weak data eyed Thu, May 24 2012 Exclusive: Draft of Nigeria oil bill being finalized Thu, May 24 2012 Powers, Iran discuss detail of possible nuclear deal Wed, May 23 2012 Battle for Cove Energy heats up as PTT trumps Shell Wed, May 23 2012 Analysis & Opinion Indigenous women lead land rights struggle in Ecuadorean Amazon Goldman renewable energy dash more than greenwash Related Topics World » Iraq » By Ahmed Rasheed BAGHDAD | Mon May 28, 2012 12:53pm EDT BAGHDAD (Reuters) - Iraq will auction 12 new oil and gas exploration blocks this week in a fourth energy bidding round, as it seeks the rapid expansion of a sector vital to its economy, but tough contract terms mean Baghdad may struggle to drum up major interest. The country, a member of the Organization of the Petroleum Exporting Countries (OPEC), has the world's fourth largest oil reserves and can offer some of the last potentially rich unexplored territories after its energy sector was left under-developed by decades of war and economic sanctions. Foreign energy companies are hesitant over Iraq's offer of service contracts, under which they would be paid a fee for their services. Such deals are seen as less advantageous than production-sharing contracts, through which explorers can claim a share in profits from output. The auction, now scheduled for Wednesday and Thursday, has already been postponed several times by the oil ministry to address complaints by potential bidders about contract terms. In February, Baghdad made concessions to lure participants to the round, notably by dropping a clause that required companies to be partners with a state oil operator. "Everything is in place to make this a success and as part of that we have eased the contract terms," Abdul-Mahdy al-Ameedi, director of the oil ministry contracts and licensing directorate, told Reuters. Companies will still have to weigh the limited advantages of service contracts, especially if they are not immediately given access to any crude oil, against risk from Iraq's political instability and the absence of a formal legal framework for the contracts due to delays in passing a national oil and gas law. Companies that win bids will be able to extract gas discovered in the blocks immediately, but the Iraqi government has retained the option to pay companies compensation to keep oil in the ground and boost its own reserves. The exploration blocks on offer are mostly in remote parts of western and central Iraq, making them riskier investments since the sites would be harder to protect against possible insurgent attacks. "Neither the terms nor the acreage on offer are attractive, so I wouldn't be surprised if there were little interest from the international oil companies," said one senior Western oil executive, who asked not to be identified. While violence in Iraq has fallen sharply since the height of the war in 2006-2007, Sunni Islamists tied to al Qaeda are still capable of bombings and attacks, mainly hitting security forces or government targets. An important drawback is the Iraqi parliament's failure to agree on new hydrocarbon legislation because of a long-standing dispute over oil and land between the autonomous Kurdish region and Baghdad's Arab-led central government. Without the new laws, Baghdad relies on legislation dating back to the nationalization of Iraq's oil industry in 1972. According to a final tender document, the outcome of the bidding will be decided only according to the remuneration fee companies seek for each barrel of oil equivalent produced. The bid with lowest fee will win an exploration block. Industry sources said companies would have to bid $10 to $20 a barrel for the service fee to compensate for the risk involved. "The remuneration fee bids will have to be at least that high to make any sense of the economics," said an oil company source. EXXON DISQUALIFIED Iraq qualified 47 energy companies, ranging from oil majors such as BP to Russian state-run operator Gazprom, to participate in the auction, which is expected to add 29 trillion cubic feet of gas and 10 billion barrels of oil to Iraq's current reserves of 143.1 billion barrels. U.S. oil major Exxon Mobil was disqualified from participating in the fourth round after it had signed an exploration deal with the autonomous Kurdish region, a move the central government in Baghdad viewed as illegal. The sprawling exploration blocks could be among the world's last major unexplored territories with such potential. "Who could miss such a golden opportunity to invest in such promising areas. The crude and gas are there and it only needs someone to poke them," Baghdad-based oil analyst Hamza al-Jawahiri said. Iraq's gas reserves of 112 trillion cubic feet are the world's 10th largest, according to U.S. Department of Energy data. In light of the potential legal, political and security difficulties, national oil companies, willing to accept tougher conditions, are likely to be the most determined bidders. "I'm certain there will be bidders and they will likely be aggressive, albeit dominated by national oil companies," a senior oil executive said, referring to state-run companies who analysts say would be more willing be accept tougher conditions. The exploration deals are expected to help Iraq maintain and increase reserves to offset expected depletion and could strengthen Baghdad's case within OPEC for a large export quota when it returns to the exporter group's quota system. (Additional reporting by Peg Mackey in London; Editing by Patrick Markey and Anthony Barker) World Iraq Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) garilou wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Tuesday, 29 May 2012
Fire kills 19, mostly children, in upscale Qatar mall |
Suu Kyi set for overseas venture after 24 years in Myanmar |
Colombia rebels release proof of life for kidnapped Frenchman |
Iraq set to auction new oil, gas blocks |
Congo probes alleged Rwandan support for rebels |
Turkey approves indictment of Israeli commanders: report |
Leading Bahraini dissident Khawaja ends hunger strike |
RIM's top lawyer joins parade of resignations |
The top films at the North American box office |
Assad faces new international pressure after massacre |
Egyptians torch Shafiq headquarters as vote triggers violence |
Senior Qaeda leader killed in Afghanistan: NATO |
Ai Weiwei says blind dissident's escape will inspire Chinese |
Second big quake strikes northern Italy |
Insight: Israel gas finds launch navy into troubled waters |
Analysis: Nigeria oil bill waters down its reforms |
Israel pours cold water on big-power talks with Iran |
Australian PM seeks to quell party unrest over mine jobs |
In escape from Japan doomsday, capital takes flight |
Samsung Galaxy S3 gets head start on rival iPhone |
Softbank unveils post-Fukushima radiation smartphone |
China's dynamic app industry lures foreign entrepreneurs |
China moves to tame microbloggers amid censorship claims |
Chinese online gamers use big pineapple to sidestep sales ban |
Huawei denies getting illegal Chinese subsidies |
Panasonic mulls shrinking HQ workforce: source |
Justin Bieber accused of battering man taking photos |
Elvis' crypt, other rock, sports items to be sold |
Assad digs in as West expels Syrian envoys |
U.S. expels top Syrian diplomat |
Cardinals hunt further suspects in Vatican leaks case |
Suu Kyi ventures abroad after 24 years in Myanmar |
Hollande set for slim parliament win |
Russia rebukes undiplomatic U.S. envoy |
Mali rebels split over sharia in new state |
IMF urges emergency steps to stabilize Sudan economy |
French court backs Google in TV piracy case |
China's Huawei and ZTE deny getting illegal subsidy |
Israel banks mull conversion of TowerJazz notes |
Teledyne to buy LeCroy for $240.5 million |
Sprint arranges $1 billion credit to buy Ericsson gear |
Opera would cost Facebook over $1 billion: analysts |
Russia's VKontakte delays IPO after Facebook debacle |
Whistleblower Woodford wins Olympus settlement |
RIM to benefit from job cuts: Macquarie |
Sony's big summer bet starts strong with MIB 3 debut |
Music takes center stage at MTV Movie Awards |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01