Sept. 1 auction for three gas fields

Forty-five foreign oil companies eligible to bid on three gas fields and jump-start Iraq's massive but under-performing natural gas industry. Minister says 2009 oil auctions a model for Iraq and the region.
Iraqi Oil Minister Hussain al-Shahristani at a May 6, 2010, press conference announcing the natural gas fields auction. (BEN LANDO/Iraq Oil Report)

BAGHDAD - Iraqi Oil Minister Hussain al-Shahristani said Thursday the country's nearly non-existent natural gas sector will soon feed the country's demand and those of other consumer countries, including in the European Union.

In announcing the Sept. 1 auction for the Mansuriyah, Akkas and Siba gas fields, Shahristani said it would be modeled after two oil bidding rounds held last year, which ended with 10 oil contracts on Iraq's terms: high output, low cost.

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