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Iraq to announce first round of oil field tenders in late June

Iraq to announce first round of oil field tenders in late June

The Iraqi oil ministry will announce at the end of June the first round of tenders to develop several of its vast oil fields, an Oil Ministry spokesman said Monday.
Oil Minister Hussain al-Shahristani will announce the tenders in a news conference on June 30, ministry spokesman Assem Jihad told The Associated Press.
About 35 out of more than 70 international firms are qualified to compete for tenders to help develop Iraq's oil reserves, seen as vital to providing funds to rebuild the shattered country.
Among the top contenders are Royal Dutch Shell PLC (RDSB), British Petroleum PLC (BP), ExxonMobil Corp. (XOM) and Chevron Corp. (CVX).
The Oil Ministry is currently preparing contract models for the first group of oil fields, Jihad said.
Potential bidders must present tax, legal and work records, including lists of upstream projects for the past five years, production rates and investments.
Jihad did not elaborate, nor specify which oil fields would be included in the first round of tenders.
Iraq, which holds the world's third-largest crude oil reserves with an estimated 115 billion barrels, aims to boost crude production to 3 million barrels per day by the end of this year.
The country currently produces 2.5 million barrels a day, the highest level production since the March 2003 US-led invasion.


Updated : 2021-05-14 20:24 GMT+08:00