Iraq Oil Update

Iraq Opens Oil Fields To Global Bidding - Raghavan and Mufson, Washington Post

Iraq's government invited foreign firms Monday to help boost the production of the country's major oil fields, beginning a global competition for access to the world's third-largest reserves. Iraqi Oil Minister Hussain al-Shahristani said the government would seek to tap Western technology and capital to increase Iraqi oil production by about 60 percent, or approximately 1.5 million barrels a day, swelling Iraqi oil revenue and potentially easing tight petroleum markets where prices have doubled in the past year.

Iraq Opens Oilfields - James Hider, The Times

Iraq opened its main oilfields to exploitation by international companies yesterday in a first step towards reintegrating its massive reserves into a market hitting staggering prices. Hussain al-Shahristani, the Oil Minister, said that he was keen to use international finance and expertise to allow Iraq to realise its full oil potential, an important step to boosting reconstruction and ultimately ending the violence. He said that the Government had drawn up a list of 35 companies and six state-owned oil firms that would be allowed to bid for long-term contracts in six oilfields.

Companies Bid to Boost Oil Production - Smith and Rifai, Los Angeles Times

Iraq's oil minister on Monday announced the start of bidding by foreign companies for contracts to boost the production of eight underperforming oil and gas fields. The contracts, to be executed in about 18 months, would open Iraq's oil fields to foreign companies for the first time since former dictator Saddam Hussein nationalized foreign concessions in the 1970s. Oil Minister Hussein Shahristani said 35 companies had been selected to bid. Among them were seven from the US and four each from China and Japan.

Oiling Iraq's Revival - The Times editorial

If a multinational oil company were asked today to choose between massive new investment in Russia, Nigeria or Iraq, the answer might be surprising. Political pressure is making Russia an unattractive option. Corruption, poor working conditions and the kidnapping of foreign personnel are a substantial hazard in Nigeria. But Iraq, with proven reserves of 115 billion barrels, is to open up six huge oilfields for the first time in 36 years. The country is set to welcome back American, British and French multinationals among 41 foreign companies invited to bid for long-term deals as well as short-term service contracts. Yesterday Iraq's Oil Minister announced that his country's energy industry is to be opened up to foreign participation.