French business daily La Tribune today quoted Iraqi Oil Minister Hussein Shahristani as saying that Iraq was prepared to welcome the French oil giant Total and other foreign oil companies to return to Iraq. Shahristani said that foreign oil companies are returning to Iraq and Iraq at the time of oil and gas operations. He pointed out that because of security has been further improved, foreign oil companies can now safely conduct oil and gas operations in Iraq.
Shahristani added that today's oil and gas contracts in Iraq will be "open, transparent and competitive" external award process.
The Iraqi government has launched the first round of tenders to develop six oilfields and two gas fields, has 35 international oil companies received 120 applications, including Total. The Government of Iraq will be years before the eight oil and gas fields to make a decision.
Shahristani said that Iraq will provide the second round of the tender 10 oil fields and one gas field, the contract will be signed at the end of this year. Two rounds of bidding will attract around 50 billion U.S. dollars of investment, and Iraq's oil production after the passage of the two rounds of bidding in the next 5-6 years from the current 2.5 million barrels to 600 million barrels per day.
Source: www.in-en.com Mar. 29, 2009
