Wednesday, 1 July 2009

Iraq Invites Bids To Develop Eight Oil, Gas Fields

Iraqi Prime Minister, Nuri al-Maliki has launched the bidding process to award contracts to companies for developing eight oil and gas fields in Iraq, Xinhua News Agency reported. 32 companies and consortia have competed in the bidding process for securing the contracts. The intention of the country is to raise the oil output from 2.4 million barrels per day (bpd) to 4.5 bpd within the five years.
"We need these contracts for the reconstruction of Iraq," Maliki said in his speech during the opening of the bidding session.
"We announce our readiness to stand with the winning firms as for providing security and all possible support to facilitate and ensure the success for both parties (Iraq and the company)," Maliki said.
Iraq requires billions of dollars investment for its oil reserve to overhaul its oil infrastructure and increase oil and gas production after 13 years of sanctions and war.

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