Iraq aims to have another round of oil and gas licensing auctions during the fourth quarter of 2011, an Iraqi oil official said from Baghdad.
Iraq has had three rounds of oil and gas auctions since the U.S.-led invasion in 2003.
Increasing production at some of the fields, however, could mean overcoming some major technological hurdles in the war-torn country. Energy officials said oil production could reach 8 million barrels per day by 2018 if all goes as planned. Recent estimates by Shell put the figure somewhat lower.
Energy officials in Baghdad said the central government has started the process to hold another round of oil and gas licensing auctions at the end of 2011, The Wall Street Journal reports.
According to AFP, the fourth round will involve licences for 12 oil and gas exploration sites.
(Source: UPI, Wall Street Journal, AFP)