Positive Response To Iraq's Second Licensing Round Paves The Way For Its Leading Role In The Global Oil Industry

London, United Kingdom (PressExposure) January 01, 2010 -- Iraq’s oil ministry offered 15 oil fields for development in the second licensing round at the end of 2008. The combined oil reserves in the 15 fields were estimated at about 41 billion barrels of which West Qurna (Phase 2) and Majnoon were the largest. Unfavorable licensing terms and security concerns were a major deterrent during the first licensing round. However, the second licensing round, witnessing a better response than the first one resulted in seven of the 15 fields being awarded.

The newly awarded fields in the second round, once developed, will add significant production capacity to the total oil production in Iraq. The seven oil fields awarded in the second licensing round in Iraq are expected to add more than 4.7 million barrels a day of oil to the total Iraqi production. With the increase in production from these huge fields, Iraq will easily be propelled into the top league of oil producing nations along with Saudi Arabia and Russia.

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http://www.researchviews.com/energy/oil-gas/exploration-production/Viewpoints.aspx?sector=Exploration%20and%20Production&DocID=9588

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Press Release Source: http://PressExposure.com/PR/GlobalData.html

Press Release Submitted On: January 04, 2010 at 5:58 am
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