Iraq to launch oil, gas blocks auction in H2 2007

A first licensing round of Iraqi oil and gas assets will be launched in the second half of the year, the country’s oil minister said on Friday.

Iraq has previously said it planned to auction 15 onshore oil and gas assets once a new hydrocarbons law was passed. Oil minister Hussain al-Shahristani said earlier on Friday that the law, which has faced delays due to disagreements on revenue sharing, should be passed in the next two months.

Oil multinationals are waiting for the new law, which will set rules for investment in Iraq, to be passed by parliament before committing cash to the country.

Reuters