Iraq’s Oil Ministry has signed initial deals for 13 oil and gas exploration blocks and fields, which could increase the country’s output by 750 kb/d of crude oil and 850 mcf/d (8.8 bcm/year) of natural gas. The agreements were signed with the winning companies within Iraq’s fifth and sixth supplementary licensing rounds. These deals represent the follow-up of the bidding round held in May 2024, in which Chinese companies dominated.
Among specific awards, China's CNOOC won a bid to develop for oil exploration Iraq's Block 7, that extends across the country's central and southern provinces of Diwaniya, Babil, Najaf, Wasit and Muthanna. ZhenHua, Anton Oilfield Services and Sinopec won bids to develop the Abu Khaymah oilfield in Muthanna, the Abu Al-Zafria field in Wasit and the Sumer field in Muthanna, respectively. China's Geo-Jade won a bid to develop Iraq's Jabal Sanam field for oil exploration in Basra province.
In 2023, Iraq produced over 10 bcm of natural and 212 Mt of crude oil. The country’s proved reserves stood at 3,714 bcm for gas and 19,730 Mt for oil in 2023.