China Dominates Iraqi Oil and Gas Licensing Round with Four Winning Bids

Chinese companies won four bids to explore Iraqi oil and gas fields, as Iraq's oil minister announced on the second day of the country's hydrocarbon exploration licensing round. Iraq aims to increase domestic oil and gas output, with over 20 companies from Europe, China, Arab countries, and Iraq pre-qualifying. Notable absences were U.S. oil majors, despite a recent meeting between the Iraqi PM and U.S. company representatives. Iraq wants more gas output to fuel domestic power plants and reduce imports from Iran. China has been the only foreign player to win bids so far in this licensing round.