Iraq to offer 82 percent of proven oil reserves to international oil companies

Plus: *Premier out of bidding for various, unconfirmed reasons *Talabani, Aso discuss oil ties *Sterling dishes KRG oil stakes to Korea, Addax *Electricity minister explains set backs, signs deals with GM and Siemens *Much, much more Iraq’s Oil Ministry Oct. 13 will not only take a major step forward to bringing foreign oil companies into […]

Iraq’s Oil Ministry Oct. 13 will not only take a major step forward to bringing foreign oil companies into Iraq’s nationalized oil sector. Beyond beginning a bidding process for a handful of key oil and gas fields, the ministry will outline a second group of oil and gas fields up for grabs by International Oil Companies. Petroleum Intelligence Weekly reports the two rounds account for 94 billion barrels of Iraq’s 115 billion barrels of proven reserves.

Premier Oil, the U.K. explorer, has been replaced by state-owned Turkiye Petrolleri AO in the list of prequalified companies bidding for oil contracts in Iraq, Bloomberg reports. "Premier Oil is out because it is too small," Iraq's Oil Ministry spokesman Asim Jihad said today by phone from Baghdad. "The Turkish government company is now in the bidding round, and there are a total of 35 companies."

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