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Page added on December 31, 2008

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Iraq opens oil fields

By allowing foreign investment, the government says production could increase by 2.5 million barrels per day.

BAGHDAD (Reuters) — Iraq on Wednesday opened up some of its most prized oil and gas fields to international firms that have been excluded for decades, part of new deals that could more than double its output within a few years.
In a second bid round, following on from one earlier this year, Iraq has put forward 11 oil and gas fields, including super giants.

“Under service contracts prepared by the oil ministry, 11 oil and gas fields will undergo complete development,” Oil Minister Hussain al-Shahristani told a Baghdad news conference.

Two of the oilfields – Majnoon and West Qurna Phase II – are classed as super giants and between them could produce 1.2 million barrels per day when fully developed.


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