20 March 2011
Basra - The spokesman of the Iraqi Oil Ministry said Sunday that the ministry is working to complete the preparations for the fourth licensing round for oil investment in the country.
Assem Jihad told AKnews that the fourth round of licenses will include the provinces of Najaf, Karbala, Samawa, Diwaniya and Anbar as they were not included in the previous rounds.
Iraq continues to spend about 5 billion dinars to import 60% of its need of petroleum products per year, due to the old Iraqi refineries that operate at half their design capacity.
"The tour will include the announcement of the exploratory site and then invie the international companies to develop and rehabilitate the oil fields, and after that a meeting will be held with the companies working in these fields."
"Iraq is seeking through the next rounds to explore more oil fields and develop the country's infrastructure and train the cadres and intesify the oil drilling operations and the formation of exploratory committees."
Iraq floats on a sea of oil and it has the third largest reserves in the world after the Iraqi Oil Ministry annunced on October about the increase of oil reserves by 25 per cent to 143.1 billion barrels.
Major oil companies signed agreements to extract Iraq's oil reserves and this would boost Iraq's production capacity to 12 million barrels per day from 2.5 million bpd during the next six years.
The Kogas South Korean company and Kazmunai Exploration and Productioncompany which is the second-largest oil company in Kazakhstan won a contract to develop gas field in Anbar province west of Iraq in the third licensing round launched by the ministry late last year.
A group led by "Kuwait Energy Company" (KEC) won the Ceiba gas contract in Basra, southern Iraq, while the TPAO, KEC and Turkish Kogas company won the license contract of gas field in Mansourieh, which is located near the Iranian border in Diyala province.
45 companies worldwide have competed to win the development of three fields in the third licensing round, after the first and second licensing rounds were limited to developing 10 discovered un exploited oil fields.
The Iraqi Oil Ministry had announced last September that crude oil inventories in the country reached to 505 billion barrels of discovered fields that are 66, with total recoverable reserves of 143 billion barrels.
Basra - The spokesman of the Iraqi Oil Ministry said Sunday that the ministry is working to complete the preparations for the fourth licensing round for oil investment in the country.
Assem Jihad told AKnews that the fourth round of licenses will include the provinces of Najaf, Karbala, Samawa, Diwaniya and Anbar as they were not included in the previous rounds.
Iraq continues to spend about 5 billion dinars to import 60% of its need of petroleum products per year, due to the old Iraqi refineries that operate at half their design capacity.
"The tour will include the announcement of the exploratory site and then invie the international companies to develop and rehabilitate the oil fields, and after that a meeting will be held with the companies working in these fields."
"Iraq is seeking through the next rounds to explore more oil fields and develop the country's infrastructure and train the cadres and intesify the oil drilling operations and the formation of exploratory committees."
Iraq floats on a sea of oil and it has the third largest reserves in the world after the Iraqi Oil Ministry annunced on October about the increase of oil reserves by 25 per cent to 143.1 billion barrels.
Major oil companies signed agreements to extract Iraq's oil reserves and this would boost Iraq's production capacity to 12 million barrels per day from 2.5 million bpd during the next six years.
The Kogas South Korean company and Kazmunai Exploration and Productioncompany which is the second-largest oil company in Kazakhstan won a contract to develop gas field in Anbar province west of Iraq in the third licensing round launched by the ministry late last year.
A group led by "Kuwait Energy Company" (KEC) won the Ceiba gas contract in Basra, southern Iraq, while the TPAO, KEC and Turkish Kogas company won the license contract of gas field in Mansourieh, which is located near the Iranian border in Diyala province.
45 companies worldwide have competed to win the development of three fields in the third licensing round, after the first and second licensing rounds were limited to developing 10 discovered un exploited oil fields.
The Iraqi Oil Ministry had announced last September that crude oil inventories in the country reached to 505 billion barrels of discovered fields that are 66, with total recoverable reserves of 143 billion barrels.
© AK News 2011
