Thread: Archive News - Iraqi Dinar Think Tank - 24/01/201 - 23/07/2011

Iraqi oil is preparing for the fourth round of licensing

A spokesman for the Iraqi Oil Ministry, Sunday, all that the ministry is preparing to complete the preparations for the fourth licensing round for oil investment in the country.

"Asim Jihad told the Kurdish news agency (Rn)" The fourth round of licenses will include the provinces of Najaf, Karbala, Samawah, Diwaniyah and Al-Anbar, as not included in previous licensing rounds. "

Iraq continues to spend about 5 billion dinars to import 60% of the needs of petroleum products per year, due to the outdated Iraqi refineries are operating at half capacity design.

Jihad said that "the tour will include the announcement of the exploratory site and then invite international companies to develop and rehabilitate the oil fields, and after the meeting will be provided to companies working in these fields."

He pointed out that "Iraq is seeking through the next rounds to explore more sites of oil and the development of the country's infrastructure and the training of cadres and the intensification of oil drilling operations and the formation of exploratory committees."

And floats on a sea of ​​oil, and has the third largest reserves in the world, after it announced the Iraqi Oil Ministry in October to increase oil reserves by 25 per cent to 143.1 billion barrels.

The major oil companies, concluded agreements to extract Iraq's oil reserves, which could boost Iraq's production capacity to 12 million barrels per day from 2.5 million bpd during the next six years.

The companies (Kogas) and South Korea (Kazmunaigaz) Exploration and Production's second-largest oil company in Kazakhstan has won a contract to develop gas field crutch in the province of Anbar in western Iraq in the third licensing round launched by the ministry late last year.

Won with a group led by (Kuwait Energy) gas field, holding Ceiba in Basra, southern Iraq, while the won (TPAO) and Turkish (KEC) and (Kogas) gas field in the third Mansourieh, which is located near the Iranian border in Diyala province.

The 45 companies worldwide have competed to win the development of three fields in the third licensing round, and after two rounds of limited licensing the first and second to develop 10 oil fields discovered untapped.

The Iraqi Oil Ministry had announced in September last, that crude oil inventories in the country has 505 billion barrels of discovered fields, which total $ 66 oil fields, with total recoverable reserves of 143 billion barrels.

http://www.aknews.com/ar/aknews/2/226332/