Iraq Again Delays Energy Auction

Iraq has delayed, for the third time, its energy bidding round for 12 new gas and oil exploration blocks.

The bidding will now take place on May 30-31. The process was supposed to take place in September last year but was supposed to take place in April.

The auction is the first opportunity for foreign energy companies to explore on Iraqi soil in three decades. The country hopes to add 29 trillion cubic feet of gas and 10 billion barrels of oil to Iraqi reserves once the blocks are developed.