"Iraq floats on a sea of oil, and has the third largest reserves in the world, after the Iraqi Oil Ministry announced last October increasing the oil reserves by 25 per cent to reach 143.1 billion barrels from 115 billion barrels"
. giant international companies in the energy field has won contracts to extract Iraqi oil reserves through three licensing rounds, including discovered but unused oil fields
. The Iraqi government predicted the arrival of its crude oil production to about 12 million barrels per day over the next five years, but experts have questioned the access of the production to that goal, and said that seven million barrels a day was a reasonable figure
. Iraqi oil exports exceeded this year two million barrels per day for the first time since its invasion to Kuwait in 1990.
http://www.aknews.com/en/aknews/2/234615/
April 25, 2011
Iraqi Oil ministry announces launching fourth round of oil licensing
Baghdad, The Federal Ministry of Oil announced launching the fourth oil-licensing round on Monday, indicating that round is oriented to gas fields more than the oil fields.
The acting Oil Minister, Ahmed al-Shamaa told AKnews that Monday will be the official announcement of starting the fourth licensing round included information about the location of the exploratory lands in addition to setting dates for the presentations.
"the first phase of the contracts contained the foreign companies search in exploratory locations for oil and gas," indicating that "if the companies found gas or oil the a contract will be signed with it, but if it didn’t find oil or gas robust then the company will bear drilling and seismic surveys costs ".
The Iraqi Oil Minister Abdel Karim al-Leabee has announced this year his ministry's willingness to launch a fourth round of licenses to foreign companies dedicated to invest 12 exploration locations in crude oil and gas fields.
Iraqi Oil ministry announces launching fourth round of oil licensing
Baghdad, The Federal Ministry of Oil announced launching the fourth oil-licensing round on Monday, indicating that round is oriented to gas fields more than the oil fields.
The acting Oil Minister, Ahmed al-Shamaa told AKnews that Monday will be the official announcement of starting the fourth licensing round included information about the location of the exploratory lands in addition to setting dates for the presentations.
"the first phase of the contracts contained the foreign companies search in exploratory locations for oil and gas," indicating that "if the companies found gas or oil the a contract will be signed with it, but if it didn’t find oil or gas robust then the company will bear drilling and seismic surveys costs ".
The Iraqi Oil Minister Abdel Karim al-Leabee has announced this year his ministry's willingness to launch a fourth round of licenses to foreign companies dedicated to invest 12 exploration locations in crude oil and gas fields.
Iraq floats on a sea of oil, and has the third largest reserves in the world, after the Iraqi Oil Ministry announced last October increasing the oil reserves by 25 per cent to reach 143.1 billion barrels from 115 billion barrels
. giant international companies in the energy field has won contracts to extract Iraqi oil reserves through three licensing rounds, including discovered but unused oil fields
. The Iraqi government predicted the arrival of its crude oil production to about 12 million barrels per day over the next five years, but experts have questioned the access of the production to that goal, and said that seven million barrels a day was a reasonable figure
. Iraqi oil exports exceeded this year two million barrels per day for the first time since its invasion to Kuwait in 1990.
http://www.aknews.com/en/aknews/2/234615/
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