Big companies getting closer to big Iraq oil fields
Four oil fields from Iraq’s first licensing round in June are at various stages nearing a final agreement as companies rush to take Iraq’s terms.ISTANBUL - A half dozen major international oil companies are close to deals with Iraq, on the heels of BP and the Chinese National Petroleum Corp., which are one step away from receiving the first new oil contract issued by Baghdad – for the largest oil field in the country.
The deals are part of the Iraqi Oil Ministry effort to bring foreign capital, expertise and technology to dramatically boost production in the underachieving yet third largest oil reserves in the world. Iraq holds 115 billion barrels of proven reserves but produces just around 2.4 million barrels per day (bpd).
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