Thursday, July 2, 2009

Iraq is planning to push back its second oil bidding round to develop 11 oil and gas fields after a disappointing showing in the first offer.

The process had been scheduled to be completed by end of this year.

But Oil Ministry spokesman Assem Jihad says the second round will be held at a later date that has yet to be determined.

He said Thursday that a meeting will be held in August in Istanbul with representatives from nine pre-qualified oil companies to discuss the process and the new date.

The move illustrates Iraq's disappointment after its first bidding round to develop six oil and two gas fields stumbled earlier this week.

More than 30 international oil companies participated but only one contract was secured due to tough financial terms.