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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.
An employee of Iranian power development firm Sunir walks past the Sadr City power station during its inauguration day in Baghdad's Sadr city April 24, 2011. (KAREEM RAHEEM/Reuters)

BAGHDAD - 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.

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