Iraq starts prep work for oil, gas auction

The Iraqi Oil Ministry announced it would unveil draft information about contracts in September as part of a process leading up to January awards. Baghdad said it would release draft contracts as part of a round of bidding for oil and gas exploration blocks by Sept. 11. Technical data on the blocks and protocols for possible tenders would be issued the following day, the Platts news service reports. Companies interested in the tenders would have six weeks from Sept. 12 to ask for clarification. Baghdad scheduled a road show for contract details in November and final contracts would be drafted from there.The Iraqi Oil Minister announced last week that 41 companies qualified to bid for 12 exploration blocks expected on the auction block in January.Nine Japanese companies qualified for the January auction along with four U.S. energy companies. Egyptian, Turkish, Kuwait and Emirati companies were among the regional qualifiers.Iraq estimates the 12 blocks up for auction could raise reserve estimates by 10 million barrels of oil and 29 trillion cubic feet of natural gas.The January contracts would be part of the country\'s fourth series of awards.