13 April 2011
Baghdad - The Iraqi Oil Ministry said on Wednesday that the fourth round of oil licensing will be launched at the end of this year, indicating that the ministry is engaged on completing the legal proceedings that precedes the ministry's round launching that will propose 12 locations in the round.
The ministry's spokesman, Assem Jihad told AKnews that "the ministry is engaged to complete the legal procedures of the fourth licensing round," noting that "The round was not delayed from its date and it is going according to legal frameworks set by the ministry."
The Iraqi Oil Minister, Abdel Karim Laabi has announced at the beginning of the current year his ministry willingness to launch a fourth round of licenses to foreign companies dedicated to invest 12-exploration location in crude oil and gas areas.
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.
Baghdad - The Iraqi Oil Ministry said on Wednesday that the fourth round of oil licensing will be launched at the end of this year, indicating that the ministry is engaged on completing the legal proceedings that precedes the ministry's round launching that will propose 12 locations in the round.
The ministry's spokesman, Assem Jihad told AKnews that "the ministry is engaged to complete the legal procedures of the fourth licensing round," noting that "The round was not delayed from its date and it is going according to legal frameworks set by the ministry."
The Iraqi Oil Minister, Abdel Karim Laabi has announced at the beginning of the current year his ministry willingness to launch a fourth round of licenses to foreign companies dedicated to invest 12-exploration location in crude oil and gas areas.
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.
© AK News 2011
