Meetings move Iraq closer to next oil field auction
Terms become more clear as Oil Ministry officials meet with hopeful foreign companies ironing out details of the December bidding round.ISTANBUL - Representatives from 44 of the world’s largest oil companies have concluded two-day meetings here with the Iraqi Oil Ministry, hashing out a rough draft of the contract on which the companies will base their bids for 10 oil projects in December.
Iraq hopes to raise oil output from just under 2.5 million barrels per day (bpd) now to 6 million bpd within seven years by bringing in billions of dollars in foreign oil company investment, partnered with Iraqi state oil companies.
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