Iraq gives up a giant oil field development

On: Tuesday 01/11/2011 14:56

The Iraqi government plans to invite foreign oil companies to develop the field of Nasiriyah after it said it will be the task itself. 
"Said Hussein al-Shahristani, Iraqi Deputy Prime Minister for Energy
Iraq will invite international oil companies to the bidding round to develop the field of Nasiriyah oil giant later this year.
Al-Shahristani told reporters at a joint news conference with Minister of Economy and Trade of Japan that Iraq would invite Japanese companies pre-qualified and other international companies interested to develop the field.
Iraq had said in the past year, he will develop the field of Nasiriyah himself after the failure of talks lasted for several months with a Japanese group led by Nippon Oil Corp., a unit of J. X Holdings because of issues related to funding.
Jafar said President SoC run by the state in an interview in the southern port of Basra in May that production from the field of Nasiriyah is ten thousand barrels a day Iraq is planning to increase it to 50 thousand barrels per day this year.
According to the records that the field of Nasiriyah, a largely untapped reserves, comprising less than five billion barrels.
Iraq has signed a series of agreements with foreign oil companies to develop vast oil fields in an attempt to increase production capacity to 12 million barrels per day in six to seven years, from about 2.7 million barrels per day currently.
http://www.baghdadiabian.com/news.php?action=view&id=3011