New Auction for Three Gas Fields

Iraq's Ministry of Oil will auction off more gas fields on the 20th October 2010.

Xinhua was told by an official: "The bidding for the gas fields of Akkas in Iraq's western province of Anbar, Mansuriyah in eastern Diyala province and Siba in the southern province of Basra, will be held on October 20th." Ministry of Oil figures put the gas reserves of these fields at 11.23tn cubic feet. Currently, the country is producing just 1.5bn to 1.65bn cubic feet per day from proven reserves of 112tn.

This auction has been delayed from May, as firms needed time to look into the contracts, which could last 20 years, according to Nina News. There was a symposium last month so that firms could review the petroleum reserves of the fields.

Countries with interested companies include: France, India, Japan, Kuwait, Norway, Turkey, Russia, South Korea and the UK.

In the first two rounds of licensing, the Ministry of Oil signed 12 contracts, with the aim of increasing oil production to 12m barrels per day by 2017. Currently it produces about 2.5m barrels and exports about 2m.

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(Sources: Nina News, Xinhua)

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