Iraq opens fields for bidding
Posted: 30 June 2008
The Iraqi oil ministry opened six oil fields — Rumaila, Kirkuk, Zubair, West Qurna Phase 1, Bai Hassan and Maysan — for bidding from foreign oil companies.
The fields are open for bidding for long-term development contracts with international companies. The Iraqi government has already pre-qualified 41 firms.
The six fields are producing oil. Although production is decreasing it is possible rates can be raised in a short time and at low cost.
Iraq's current daily oil production is around 2.5 million barrels. The new contracts are expected to raise the country's oil production by 1.5 million barrels per day.
The tender deadline is the end of March 2009 with preliminary contracts to be signed by June 2009.
Iraq's huge natural gas fields of Akkaz and Mansouriyah may also be open for bidding at a future date
Iraq holds the third largest crude oil reserves. A huge investment is required to overhaul its oil industry infrastructure and increase output after 13 years of sanctions and war.
Posted by Richard Price, Editor, EnergyME.com
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