BAGHDAD — Iraq’s oil minister on Wednesday announced a second round of bidding to drill and develop the nation’s oil fields.
This bidding process — along with the first round announced in June — marks only the second time since the 1970s that Iraq’s oil fields have been open to foreign companies. Iraq has not been able to increase oil production because of poor infrastructure and security problems.
Oil Minister Hussein Shah ristani said he hopes the country will produce 6 million barrels daily within 10 years, compared with its current, government-owned daily barrel production of 2.5 million.
Shahristani said that only 15 of 78 known oil and gas fields have been brought into production, and many desert areas in western and southern Iraq have yet to be explored. Los Angeles Times
