On April 13, the Iraqi Ministry of Petroleum announced that 35 international oil companies have been approved to participate in upcoming bidding rounds for oil and gas exploration contracts in Iraq. This list includes major players such as China National Petroleum Corporation (CNPC), as well as other global energy giants like Chevron, Shell, ExxonMobil, BP, Lukoil from Russia, and Eni from Italy.
The announcement revealed that these 35 firms were chosen from an initial pool of 120 applicants, highlighting the competitive nature of Iraq’s energy sector. While this selection marks a significant step forward, the ministry emphasized that it is not a final decision. The government remains open to approving additional qualified companies in the future, with the goal of increasing foreign participation in its oil and gas projects.
Iraq possesses the world's third-largest proven oil reserves, making it a key player in the global energy market. According to recent reports, the country aims to boost its daily oil production by 500,000 barrels, targeting a total of 2.77 million barrels per day in the coming years. This ambitious target underscores the importance of international collaboration in unlocking Iraq’s vast energy potential.
With growing interest from global energy firms, Iraq is positioning itself as a critical hub for investment and development in the Middle East's energy landscape.
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