New bidding round for Q4 in Iraq

Release Date: 2011-02-21

In an exclusive interview with Dow Jones Newswires, Abdul Mahdy al-Ameedi, head of the country’s petroleum contracts-office, which belong sto the oil ministry, announced that the Iraqi government had begun « serious preparations » to hold a bidding round in the last quarter of 2011. According to Ameedy « more or less » 12 fields should be offered in this auction.

Iraq’s oil output is crurrently at 2.5 million barrels a day and should reach 3 million barrels per day by the end of the year, as oil majors that include UK’s BP ; Italy’s ENI or US Exxon Mobile are developing three major oil fields. Iraqi officials hope that Irq’s output could reach 8 million berels per day in 2018.

The Iraqi government is looking to boost oil output but also to capture more natural gas for electricity generation. The estimated output of 6,500 megawatts only caters for half the country’s needs, he declared to DowJones Newswire.

Source: Focus Reports

Type:

NORMAL