Iraq schedules oil workshop for October

BAGHDAD, Sept. 10 (UPI) -- The Iraqi Ministry of Oil announced it would hold a workshop in October in Istanbul with pre-approved companies for its next international licensing round.

The first round in June failed to secure anything more than minor interest as international energy companies were frightened off by security concerns and stiff government requirements.

Iraqi Oil Minister Hussain al-Shahristani said Baghdad would ask for $1.2 billion in signature bonuses for the next contracts, down from $2.6 billion in the June auction, at its second round scheduled for December.

The ministry in a statement received by the Voices of Iraq news agency said it would vet concerns from the 45 companies invited to take part in the December auction.

"The workshop will be held in October to respond to questions from companies bidding for oil contracts," the statement read.

A group of 10 undeveloped fields for the second round, including the West Qurna-2 complex, was showcased to representatives from 45 companies ranging from U.S. supermajor Chevron to Russian giant LUKoil.

During its first round of post-invasion auction in June, only BP and China National Petroleum Co. moved forward with contracts.

Iraq sits on the third-largest deposits of oil in the world.