Luaibi announces Nov bid round, export and production forecasts

Iraq's Oil Minister is pressing ahead with an auction of exploration blocks as the country gears up for big oil output increases amidst soaring oil prices.
Luaibi announces Nov bid round, export and production forecasts
Iraq's Deputy Prime Minister for Energy Affairs Hussain al-Shahristani (L) and Oil Minister Abdul Kareim Luaibi (2nd L) attend the reopening of Beiji oil refinery, 180 km (112 miles) north of Baghdad March 21, 2011. Iraq's largest oil refinery reopened after it was attacked by militants on February 26, 2011. (SABAH AL-BAZEE/Reuters)

International oil and gas companies will compete for access to another 12 oil and gas projects in November, this time to prospect on exploration blocks.The date for the upcoming bid round, Iraq’s fourth since 2009, was announced by Oil Minister Abdul Karim Luaibi on Tuesday. He also outlined a 4-year plan that would see both oil production and export capacity more than double through 2014.Details about the bid round have not been revealed, including what type of contract model will be...

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