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A Kuwait-Turkish-UAE consortium takes one exploration block – and five more are left un-awarded – on the first day of Iraq's fourth bidding round.

Six blocks offered, one awarded

Six blocks offered, one awarded
PetroVietnam Vice President Nguyen Tien Long submits a bid for Iraq's Block 12 in the May 30, 2012, bidding round. PetroVietnam and partners Premier and Bashneft bid higher than what the ministry was willing to pay, and declined to lower its offer. (BEN LANDO/Iraq Oil Report)
By Ben Lando of Iraq Oil Report
Published Wednesday, May 30th, 2012

A consortium led by Kuwait Energy won the rights to prospect in what is expected to be an oil-rich patch of Basra province along the Iranian border – the only block awarded Wednesday by the Oil Ministry on the first day of a two-day contract licensing round.Another exploration block, spanning Najaf and Muthana provinces, northwest of Basra, was bid for by UK's Premier Oil, along with PetroVietnam and Russia's Bashneft, but the ministry insisted on tougher terms than the consortium was will...

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