Iraq to expand own exploration capacity

BAGHDAD - The Oil Exploration Company, a state-run firm owned by the Oil Ministry, will search for oil and gas in the nine exploration blocks that weren't awarded to foreign oil companies in the fourth licensing round, and is planning a $160 million expansion to more than double seismic crews and equipment.

"We know where to go first," said Karim Hattab, director general of the OEC. "We have vast lands to be covered. After working more than 100 years we still lack proper evaluation of the hydrocarbon potential and geological conditions."