Korea's SK Innovations Allowed in Iraq's Next Energy Auctions

Iraq has allowed SK Innovation to bid in its fourth oil and gas exploration block auction after the South Korean firm sold its stake in a Kurdish oilfield to Korea's KNOC, media reports said.

Iraq has blocked companies that have signed deals with Kurdistan Regional Government from taking part in the auction.

Next round of auctions have been repeatedly delayed and will likely take place on May 30-31. These auctions will focus on country’s untapped gas resources.

Iraq’s gas reserves are estimated at about 112 trillion cubic feet.

SK has 29 exploration blocks and four liquefied natural gas projects spread across 16 countries.