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Iraq Signs Contracts to Develop 13 Exploration Blocks, Oil and Gas Fields

The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
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Iraq Signs Contracts to Develop 13 Exploration Blocks, Oil and Gas Fields

The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)
The Iraqi Minister of Oil is seen at the signing ceremony of oil and gas development and exploration contracts. (Iraqi Ministry of Oil)

Iraq has signed initial deals for 13 oil and gas exploration blocks and fields, the country’s oil ministry said on Wednesday.

The agreements could increase output by 750,000 barrels of crude and 850 million standard cubic feet (mscf) of gas.

In a press statement, Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed the ministry’s keenness and serious endeavor to maximize oil production and achieve optimal investment of gas through the development of oil and gas fields and exploration patches.

He added: “These contracts will add large quantities of oil production estimated at 750,000 barrels per day, in addition to investing 850 cubic feet per day of gas.”

These quantities and production capacities aim to achieve flexibility in supplying power generation stations with gas fuel, in addition to supporting the energy sector in Iraq.

The contracts will be sent to the Ministerial Energy Council for approval and final signature ahead of proceeding with the direct implementation of development operations, said Undersecretary for Extraction Affairs Bassem Mohammad Khudair.

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UK Inflation Rises Less Than Expected in July

Children play underneath a sprinkler at Parliament Square in London, Britain, August 13, 2024. REUTERS/Hollie Adams
Children play underneath a sprinkler at Parliament Square in London, Britain, August 13, 2024. REUTERS/Hollie Adams
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UK Inflation Rises Less Than Expected in July

Children play underneath a sprinkler at Parliament Square in London, Britain, August 13, 2024. REUTERS/Hollie Adams
Children play underneath a sprinkler at Parliament Square in London, Britain, August 13, 2024. REUTERS/Hollie Adams

British consumer price inflation rose to 2.2% after two months at the Bank of England's 2% target, a slightly smaller increase than economists expected, and services inflation, closely watched by the BoE, slowed sharply, official data showed.
Economists polled by Reuters had forecast the annual headline CPI rate would rise to 2.3%.
Sterling fell sharply against the US dollar after the data was published on Wednesday.
When the BoE cut interest rates from a 16-year high of 5.25% at the start of this month, it said May and June's 2% inflation readings probably marked a low point for inflation.
The central bank expected CPI to rise to 2.4% in July and reach around 2.75% by the end of the year as the effect of sharp falls in energy prices in 2023 faded, before returning to 2% in the first half of 2026.
British inflation peaked at a 41-year high of 11.1% in October 2022 driven by a surge in energy and food prices after Russia's full-scale invasion of Ukraine as well as COVID-19 labor shortages and supply chain disruption.
The BoE remains relatively focused on longer-term inflation pressures, including services prices and wages as well as general labor market slack.
Wednesday's data showed that annual services price inflation fell to 5.2% in July from June's 5.7%, lower than the Reuters poll forecast of 5.5% and the lowest since June 2022. BoE staff had predicted a drop to 5.6%.
Official data on Tuesday showed that annual wage growth excluding bonuses slowed to its lowest in nearly two years at 5.4%, in line with economists' forecasts but still nearly double the rate the BoE sees as consistent with CPI staying at 2%.