On 26th April 2018, the Iraq Ministry of Oil (MoO) organised its fifth licensing round for the exploration and development of oil and gas fields. This was overseen by the Petroleum Contracts and Licensing Directorate (PCLD). It was held under a new contract model, and was the first licensing round held for a considerable time (the 4th round was held in May 2012).
This paper reviews the outcome of the bid round and its success in achieving the objectives of the MoO and the Government of Iraq.
This paper does not consider in detail all of the contractual terms and conditions in the 5th Bid Round as compared to the previous four bid rounds or to other international terms. The primary focus is on the fiscal terms (defining how the contractor should be financially repaid/rewarded for its investment) and on the process of the bid round.