New oil and gas concessions in Iraq

As the owner of the world's fourth largest oil reserve, Iraq intends to offer new concessions for the exploitation of "black gold" and also for gas to boost its revenues.

The expectation is that the country will grant eight border blocks for interested foreign oil companies. The offer, however, is not expected to occur. As 95% of Iraq's revenue comes from the energy sector, with low oil prices, the country has been hampered.

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