New oil boards to form across Iraq

BAGHDAD - Iraqi Oil Minister Hussain al-Shahristani announced Tuesday the formation of a new state oil company to oversee a swath of oil and gas fields in the center of the country, part of a long-term development plan that has resulted from the recent 10 contracts signed with foreign oil companies.

Such contracts and development by the Iraqi state companies are expected to boost production capacity to more than 12 million barrels per day (bpd) within seven years. That's up from 2.45 million bpd currently, and more than the current capacity of Saudi Arabia.