Tender Focus: Iraq's Black Gold Rush
Iraq's vast oil reserve wealth is about to undergo development
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Iraq’s vast oil reserve wealth is about to undergo possible the largest national upstream regeneration and upstream development project the world has ever seen. With literally thousands of oilfield service contracts up for grabs, a black gold rush is about to be unleashed on the industry.
Whilst issues regarding the still controversial oil laws are ironed out in the wake of June’s contract announcements (see pages 15-16 for full coverage and analysis), some regional Middle Eastern firms and international players alike are crowing early successes.
In the week that the winning bidders for the Iraq oil and gas contract was announced Asian media sources were claiming a Japanese consortium is set to win the US$10 billion the engineering, procurement and construction contract (EPC) contract to develop the huge Nassiriya oilfield in the country.
The Japanese consortium is led by the oil refiner Nippon Oil Corp and includes the oil exploration and developer Inpex Corp and the respected engineering contractor JGC Corp according to the news agency Reuters.
The EPC contract, unrelated to the services contracts being awarded this week by the Iraq oil ministry, will be the largest oil contract awarded by the Iraqi oil ministry since the fall of Saddam Hussein.
Iraqi oil minister Dr Hussain Al-Shahristani is quoted as saying a company has been selected and has been sent to the cabinet for approval.
The contract is said to include the construction of both refining and power-generating facilities will be supported by the Japanese government through the Japan Bank for International Cooperation.
Billions of dollars worth of groundworks, and pre-production work are soon to be up for grabs. To keep abreast of the latest opportunities and tender close dates, check ArabianOilandGas.com and subscribe to the daily bulletin featuring the most recent tenders announced throughout the region.