Iraq: Iraq Delays Oil Auction after Late Contract Tweaks

Apr 12, 2018 | Mohammed Sergie, Khalid Al Ansary, Anthony Dipaola, and Kadhim Ajrash, Bloomberg
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Iraq delayed an international auction of rights to 11 of its oil and natural gas deposits, pushing back the bidding date after introducing changes to the contract, according to people familiar with the matter. The oil ministry re-scheduled the auction for April 25, said one of the people, who asked not to be identified because the information isn’t public. International energy companies will still participate in the bidding because the prospect of prodigious crude reservoirs outweighs the new contract’s lack of clarity, analysts at Wood Mackenzie Ltd. and the Iraq Energy Institute said.