A press conference launching Iraq’s second licensing round since the U.S.-led invasion in 2003 is expected at 11 a.m. today at Baghdad’s heavily fortified Ministry of Oil.
Companies have been pre-qualified as operators of oilfields and their delegates will lend credibility to an announcement of which fields will be up for development.
Thirty-five oil companies were qualified for the first licensing round, and many are expecteding development contract awards.
The big al-Gharraf, Kifli, Majnoon, Halfaya, West Kifl and West Qurna-2 in central and southern Iraq plus Qayiarah and Najmah in the north have yet to be developed.
Iraq is targeting 900,000 barrels per day by year-end 2009.
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Iraq is desperate to increase its oil production. Prices are plummeting and exports have hardly grown since the U.S. invasion. 95% of its budget comes from oil and they recently had to make large cuts with more ahead if crude prices don't stabilize. The problem is it doesn't have a new oil law, yet the Oil Ministry is pushing ahead with its plans. This is the latest move, but one with a lot of potential problems because if an oil law is ever passed these deals may be voided or have to be redrawn. For more see: musingsoniraq.blogspot.com
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