Big companies getting closer to big Iraq oil fields
By Ben Lando | Uruknet
A half dozen major international oil companies are close to deals with Iraq, on the heels of BP and the Chinese National Petroleum Corp., which are one step away from receiving the first new oil contract issued by Baghdad – for the largest oil field in the country.
The deals are part of the Iraqi Oil Ministry effort to bring foreign capital, expertise and technology to dramatically boost production in the underachieving yet third largest oil reserves in the world. Iraq holds 115 billion barrels of proven reserves but produces just around 2.4 million barrels per day (bpd).
Iraq's prime minister and oil minister are in Washington, D.C., right now courting investment at an investment conference organized by Iraq's National Investment Commission, the U.S. Embassy in Baghdad and the U.S. Chamber of Commerce.
The 17 billion barrel Rumaila field was awarded to BP/CNPC during a June 30 auction. After months of negotiations, the ministry and companies reached an agreement, which was approved last week by the Iraqi Council of Ministers. Read more.
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