Sunday, July 26, 2009

Iraq to Auction Rights to Develop 10 Crude Oil Areas

Iraq said it will auction rights to develop 10 crude oil areas and withdrew the Siba natural gas field from the country’s second bidding round this year, as the Persian Gulf state seeks foreign investors to increase energy production. Potential bidders can receive information on the fields during a one day roadshow in Istanbul on Aug. 25, Abdul Mahdy Al-Ameedi, deputy director general at the Petroleum Contracts and Licensing Directorate, said by telephone today. Iraq, owner of the world’s third largest oil reserves, aims to boost oil output to 6 million barrels a day by 2015 from about 2.4 million barrels now.....Complete Story

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