(11 May 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Baghdad - 11 May 2024
1. Various of Minister of Oil Hayyan Abdul Ghani with ministry officials at the oil-bidding auction
2. SOUNDBITE (Arabic) Hayyan Abdul Ghani, Iraqi Minister of Oil:
“The fifth complementary round and the sixth licensing round will include 12 governorates that will have investment opportunities in addition to the maritime areas in the Arabian Gulf. These projects will contribute to the economic expansion and the growth of these governorates in terms of providing job opportunities and gradually reviving the economy in the surrounding areas.”
3. Various of representatives of international energy companies seated
4. SOUNDBITE (Arabic) Hayyan Abdul Ghani, Iraqi Minister of Oil:
“We hope to announce during the upcoming period God willing, that Iraq’s proven oil reserves will climb to more than 160 billion barrels, and this will reinforce Iraq’s role in the local and global oil industry.”
5. Various of representatives of international energy companies during the oil-bidding auction
6. Iraqi prime minister Mohammed Shia al-Sudani at podium
7. SOUNDBITE (Arabic) Iraqi Prime Minister, Mohammed Shia al-Sudani:
“Iraq is a difficult number in the equation of oil energy and oil wealth in the region and the world. From day one, we have set the goal of investing this wealth, starting with stopping the burning of the associated gas, which will stop, God willing, during the next three to five years after completing the projects that were concluded in the past months.”
8. Various of representatives of international energy companies bidding
9. SOUNDBITE (Arabic) Iraqi Prime Minister, Mohammed Shia al-Sudani:
++ENDS ON CLAPPING++
“The company that submitted a bid of 6.67% is ZPEC and it won this round.”
10. Wide of auction
STORYLINE:
The Iraqi ministry of Oil announced new rounds of oil and gas exploration licenses on Saturday.
The exploration licenses include 29 new fields in 12 governorates including, Nineveh, Anbar, and Najaf, which 22 international oil and gas companies are competing to obtain.
China ZPEC (Zhongman Petroleum) won the East Baghdad oil field, after asking for a profit of 6.67 percent.
Oil minister Hayan Abdul Ghani announced that Iraq's proven oil reserves will soon reach 160 billion barrels from the current 142 billion barrels.
Through these licensing rounds, Iraq is seeking to increase its production capacity of oil and gas in new areas of the country, enhance the economy as well as create jobs.
Iraq spends around $12 billion annually to import gas.
AP video shot by Ali Jabar
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