Tuesday, December 19, 2006
Iraqi Oil Minister - 60 oil field contracts to be offered
Oil, Reconstruction
Earlier this week, Iraqi Oil Minister said that his country will offer contracts to develop 60 oil fields in several batches, starting next year, Canada's National Post reported.The minister said that only 20 of 80 discovered oilfields are in production in the holder of the world's third-largest oil reserves.The government is waiting for parliament to approve a new hydrocarbons law early next year to start offering contracts to develop the remaining fields, the official said. Contracts to develop oil fields were given about a decade ago by the regime of former president Saddam Hussein to companies such as Total SA, OAO Lukoil and China National Petroleum Corp. Wars and sanctions have curtailed Iraq's ability to develop its oil wealth.
