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Visiting Iraqi Oil Ministry officials to Istanbul are presenting their plans for the second bidding round which will be held this year contracts for developing oil and gas reserve in the country.
The government will get 25% of fields development projects to be submitted in the second round, Iraqi Oil Minister Hussein Al-Shahristani said. The Ministry is considering the present available options concerning fields which have not been offered yet, Al- Shahristani pointed out. The Ministry will soon declare its chosen options while the process will be based on principles of competitiveness, he added.
During this round, Iraq will seek $1.2 billion in non-recoverable signature bonuses for deals.
The signature bonuses for the East Baghdad, Halfaya, Majnoon and West Qurna vast fields will be of $150 million each, stressed out Abdul-Mahdy al-Ameedi, deputy director of Iraq\'s contracts and licensing directorate. The government will look for signature bonuses of $100 million each for the other six oil and gas fields it plans to offer, Ameedi uttered.
Unlike the previous auction in which the signature bonuses were considered soft loans, the second round bonuses will be non-recoverable.
The government will also invite all companies that submitted bids in the first round to compete again for the same fields once the revised terms for bidding are announced.
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