Petrel Resources PLC, Dublin, said the company failed to prequalify to participate in Iraq’s fourth oil license round.
The participation criteria adopted by Iraqi authorities were heavily weighted towards financial size and strength rather than practical experience working in Iraqi conditions, Petrel explained. As a result no juniors or smaller independents qualified. Qualifying were supermajors, many national oil companies, and some large international independents.
Petrel will continue direct discussions with the Ministry of Oil on its existing interest in Block 6, a 10,000 sq km, lightly explored area in the eastern part of Iraq’s Western Desert. The company believes the block, which it has pursued since 2002, is highly prospective.
The company said it will also seek direct negotiations on smaller fields that have not been awarded in the bid rounds.