Iraq awards rights to develop oil in country’s northeast

Iraq has awarded the rights to explore and develop two gas fields and a hydrocarbon-rich area in the country’s northeast.

Thursday’s auction of 11 undeveloped blocks for exploration and development is Iraq’s fifth since opening its vast resources to international energy companies in 2009.

UAE Crescent Petroleum won rights to develop the Gilabat-Qumar and Khashim Ahmer-Injana blocks in Diyala province. The company will be entitled to 9.21 percent and 19.99 percent of net profits, respectively, from the two fields.

China’s Geo-Jade company won the rights to explore nearby Naft Khana block that is rich with oil and dried gas. Its share of net profits will be 14.67 percent.

Two other blocks in central Iraq received no bids.

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