Iraq May Earn $4.2 trillion from Oilfield Development

Iraq may earn $4.2 trillion in revenue from oil fields being developed by international companies after rights for production from the deposits were auctioned last year, Oil Minister Hussain al-Shahristani said.

Reuters quotes the minister as saying that the fields, whose development rights were assigned after two bid rounds held last year, will produce 60 billion barrels of oil, he said.

The Iraqi government will get 99 percent of the revenue from those deposits, al-Shahristani said.

(Source: Bloomberg)