Iraq to Issue Tender by Year End to Develop 11 Oil Fields

Source: Dow Jones 7/12/2005, Location: Middle East

Iraq is planning to issue new tenders by the end of the year for contracts to develop 11 southern oil fields in a bid to increase production by 3 million barrels a day, an oil official said Monday. Specialists at the oil ministry are cooperating with several international companies to prepare studies on how to develop these fields before announcing the tenders, Assem Jihad, a spokesman for the oil ministry, told Dow Jones Newswires. "These fields would add 3 million barrels a day to Iraq's current oil production," he said, declining to name the 11 fields.

Iraq is currently producing around 2.2 million b/d, of which around 1.5 million b/d is for export, with the rest domestic consumption. Jihad said the development plan falls within Iraq's long-standing target of 5-6 million b/d of output by the end of 2010, which should cost around $25 billion. He didn't elaborate on the manner Iraq would conclude contracts with international companies to develop the fields, but Jihad ruled out the possibility that any given company would monopolize the contracts and said the ministry would follow the example of the Gulf States in managing its oil fields.

He also said a new law would need to be passed before Iraq could conclude development contracts with foreign firms. "Type of contracts and financing development for these fields will need a law passed by the Iraqi National Assembly," Jihad said. Last month Shamkhi Faraj, director-general of crude marketing and economic affairs, said up to 33 fields were in need of development, including the 11 giant fields in the south.

Faraj said the 11 fields up for tender included West Qurna, Majnoon, Omar, Ahdab and Halfiya. Last year, the oil ministry awarded contracts to develop two oil fields. The first was Khormala Dome, northwest of oil-rich Kirkuk, which was awarded to a consortium consisting of the U.K.'s DPS, Turkey's Avrasya Technology Engineering and Construction Inc., and Iraq's KAR Group. The ministry awarded the Hemrin oil field to Canada's OGI.


Namibia >>  6/22/2022 - Global Petroleum Limited provides an update on its operations in Namibia and Italy.

Namibia
On 25 April 2022 the Company announced th...

Australia >>  6/20/2022 - MINING company Mineral Resources and joint venture partner Norwest Energy believe their Lockyer Deep gas field could be bigger than expected and have ...

Indonesia >>  6/20/2022 - bp has signed the 30-year Production Sharing Contracts (PSC) for Agung l and Agung ll exploration blocks with the government of Indonesia, following t...
Lebanon >>  6/20/2022 - The deadline for oil and gas companies to submit bids for the Lebanon Second Licensing Round has been extended until 15 December 2022. The PGS Lebanon...

Guyana >>  6/16/2022 - Frontera Energy Corporation, joint venture partner with CGX Energy Inc. in the Petroleum Prospecting License for the Corentyne block offshore Guyana, ...
Norway >>  6/16/2022 - ConocoPhillips Skandinavia AS, operator of production licence 1064, has concluded the drilling of wildcat well 6507/4-3 S in the Norwegian Sea.


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.