UPDATE 1-Iraq's second energy auction late Nov-Oil Ministry

Thu Jul 30, 2009 2:50pm BST
 
Email | Print | | Single Page
[-] Text [+]

* No exact date fixed for auction

* Auction is main plan to revive oil industry

* New acting director for South Oil Company

(Adds background)

BAGHDAD, July 30 (Reuters) - Iraq will hold an auction capping its second major bidding round for energy fields at the end of November, the Oil Ministry spokesman said on Thursday.

Spokesman Asim Jihad said no exact date had been set for the auction, which will give foreign firms a chance to compete for lucrative development contracts for 10 oilfields.

The auction follows a similar auction on June 30, which marked the first time foreign firms got a chance to gain a foothold in a country with the world's third largest oil reserves, but which has largely been off-limits to them for decades.

The two bidding rounds are the cornerstone of Oil Minister Hussain al-Shahristani's plan to revive a struggling oil sector and boost output hovering around 2.5 million barrels per day, where it stood before the 2003 invasion to oust Saddam Hussein.   Continued...

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos