Iraqi Oil Ministry Announces 4th Round of Energy Auctions

According to new reports, the Iraqi Oil Ministry has just recently launched its 4th round of energy actions. The auction is being made up of 12 oil and gas exploration concessions during January, 2012. Abdul-Kareem Luaybi, who is the Minister of Oil, has invited a number of interested international energy firms to partake in this fourth auction. Seven of the exploration blocks being offered are gas, and the reaming five are, of course, oil. Luaybi said that this auction is to be held in January of next year. He went on to say that energy firms will be pre-qualified until June by the ministry to compete for the 12 exploration blocks.

Not too long ago, Baghdad had actually signed service contracts to develop 12 oil fields across the country. This was a plan that’s main goal was to give the country a chance to increase its oil output capacity. Right now the country puts out about 2.6 million barrels of oil per day. They would like to increase this to 3 million a day, but in six to seven years they would like to be putting out 12 million barrels per day.

Of course, some environmental groups are upset with these plans. They said that they thought the world was suppose to be getting away from being dependent on gas and oil. However, instead of investing in other kinds of energy, companies are shelling out even more for exploration sites. The way the world gets its power is becoming the center of much concern. Although most agree that the world should be using renewable sources, it’s hard to shake the grip that oil has on the modern-day economy.

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