Iraq to Sign Contract Developing 3 New Oil Fields

Baghdad, 17 May 2010 - German Press Agency

The Iraqi oil ministry is set to sign a contract with a Turkish-Chinese consortium to develop three new oil fields in the country's southern area, an Iraqi oil official said Sunday.

The ministry is scheduled to sign the contract on Monday. It relates to three oil fields around al-Amara, the Iraqi official told the German Press Agency dpa.

Over the past year, Iraq has signed 10 contracts with 15 different foreign oil companies for the development of ten oil fields.

Iraq relies on its current 2.5 million barrels per day production for more than 90 per cent of its government revenue and about 60 per cent of its gross national product. It aims to raise its production to 12 million barrels per day within the next six years.