Iraqi oil fields up for international grabs

Houston News.Net
Wednesday 1st July, 2009

More than 30 international firms have started bidding for development rights for Iraq’s massive oil and gas fields.

The companies, which include Exxon Mobil and China's CNPC, will be given a chance to secure contracts to develop six oil and two gas fields, estimated to hold over 40 billion barrels of crude oil.

Iraq’s government wants to increase its oil production to 2.4 million barrels a day.

Oil companies awarded contracts will receive a fixed fee per barrel instead of the profits.

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