June 18 (Reuters) - Iraq on Sunday invited foreign companies to bid for contracts to explore and develop natural gas reserves in 11 new blocks as the OPEC member seeks to produce much-needed natural gas for power stations and cut imports that weigh on the country's budget.
Iraq's oil ministry has ended preparation to launch a sixth bidding round to auction off the gas blocks, the ministry said, without setting a date for the bidding process.
Iraq, OPEC’s second-largest producer after Saudi Arabia, flares much of its own gas, extracted alongside crude oil at its fields, because it lacks the facilities to process it into fuel and instead uses Iranian power imports to generate electricity.
Baghdad has been under pressure from the United States to reduce its reliance on gas imports from Iran.
Reporting by Hatem Maher and Ahmed Tolba; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.
Persons:
OPEC’s, Hatem Maher, Ahmed Tolba, Hugh Lawson
Organizations:
Sunday, OPEC, Thomson
Locations:
Iraq, Anbar, Mosul, Naja, Saudi Arabia, Baghdad, United States, Iran