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Iraq announces 2nd oil licensing round

Iraq announces 2nd oil licensing round

Iraq's oil minister has announced that 11 oil and gas fields are open to bidding from developers in the second postwar round of licensing.
They include the huge Majnoon and West Qurna fields, which are only partially developed and producing far less than their estimated potential individual output of 600,000 barrels a day.
The announcement Wednesday by Oil Minister Hussain al-Shahristani comes six months after the first round of licensing bidding was opened.
Contracts from that round are expected to be signed in the middle of next year and those for the second round by the end of the year.
Iraq holds the world's third largest proven reserves of crude, with more than 115 billion barrels of oil.


Updated : 2021-02-26 08:57 GMT+08:00