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Iraq to start 2nd bidding round for oil, gas contracts |
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20:47, December 23, 2008 |
Iraqi Ministry of Oil has announced it will open its second licensing round for international companies to develop the country's oil and gas fields at the end of the year, according to a ministry statement received by Xinhua on Tuesday.
The statement said that Oil Minister Hussein al-Shahristani will announce the petroleum fields that his ministry intends to develop in cooperation with the pre-qualified international oil companies on Dec. 31.
In April, the ministry said that only 35 companies and consortia out of 120 applicants were qualified to criteria put by the ministry to bid on its contracts.
Oil prices fell below 40 U.S. dollars per barrel last week, the lowest in more than four years.
Iraq offered six oil and two gas fields in the first licensing round.
Iraq oil reserve is reportedly to be the world's third-largest, which needs billions of dollars investment to overhaul its oil industry infrastructure and increase oil and gas output after years of sanctions and war.
Source: Xinhua
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