Iraq Oil Deals Discussion in London

Iraq opened its giant oil and gas fields to foreign companies on 30 June, announcing long-term development contracts with a view to raising oil output by a combined 1.5 million barrels per day at those fields. Iraq wants to raise total oil output to 4.5 million bpd by 2013, from around the current 2.5 million bpd.
Iraq needs huge amounts of investment to boost oil output and rebuild itself after years of sanctions and war.

It had planned to hold an oil and gas conference at Baghdad international airport in October to try to sell the country's energy potential to foreign producers.

Organisers postponed that event until 5 December because some of the facilities would not be ready.

Recently, the 41 companies which pre-qualified to vie for the contracts have all been invited to the meeting with oil minister Hussain al-Shahristani.

Baghdad has said it wants to sign the deals by the middle of nest year.

It plans to announce a second bidding round for different fields by the end of the year.

Author: Ksenia Kochneva