Iraq's oil sector opens its doors
For the first time since the fall of Saddam Hussein, foreign oil companies will get a chance to work on Iraq's oil reserves when Baghdad auctions off contracts to develop six of its most prized oilfields on June 29-30.
Two undeveloped gas fields are also on offer.
Criticism from within the Iraqi state-run oil industry, pressure on the oil minister, and the terms of the contracts themselves make the deals risky and troublesome, but global oil firms say the potential is tantalizing.
Here are some facts about Iraq's oil industry:
HOW MUCH OIL AND GAS IS THERE?
Iraq is listed as having the world's third largest crude reserves at 115 billion barrels.
That estimate, however, is based on seismic data from nearly three decades ago and some experts believe there could be another 45 billion to 100 billion barrels of recoverable oil.
That could take Iraq's reserves close to top oil exporter Saudi Arabia's estimated 267 billion barrels.
Proven natural gas reserves are
http://www.reuters.com/article/world...55O47E20090625
For the first time since the fall of Saddam Hussein, foreign oil companies will get a chance to work on Iraq's oil reserves when Baghdad auctions off contracts to develop six of its most prized oilfields on June 29-30.
Two undeveloped gas fields are also on offer.
Criticism from within the Iraqi state-run oil industry, pressure on the oil minister, and the terms of the contracts themselves make the deals risky and troublesome, but global oil firms say the potential is tantalizing.
Here are some facts about Iraq's oil industry:
HOW MUCH OIL AND GAS IS THERE?
Iraq is listed as having the world's third largest crude reserves at 115 billion barrels.
That estimate, however, is based on seismic data from nearly three decades ago and some experts believe there could be another 45 billion to 100 billion barrels of recoverable oil.
That could take Iraq's reserves close to top oil exporter Saudi Arabia's estimated 267 billion barrels.
Proven natural gas reserves are
http://www.reuters.com/article/world...55O47E20090625