London, United Kingdom (PressExposure) January 01, 2010 -- Iraqâs 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.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
Access the latest Oil and Gas Exploration and Production analysis for free at http://www.researchviews.com
ResearchViews is your number one portal for industry related news, research, analysis and deals data. ResearchViews offers up to the minute content produced by an expert team of industry analysts.
All content on the site is free to view and allows users to keep up to date with the latest developments in their chosen industry. Free daily and weekly newsletters provide a snapshot of the major issues affecting the industry. The site also features a research store, providing the user with access to premium business intelligence from some of the world's leading market research publishers.