Iraq to Open More Oil Fields to Bidding

From The New York Times:

BAGHDAD — Iraq announced on Wednesday that it would launch a second round of bids to license international oil companies to develop 11 oil and gas fields or groups of fields.

Iraq’s oil minister, Hussein al-Shahristani, said at a news conference that he hoped that these fields could be producing 2 to 2.5 million barrels a day in three or four years. The goal, he said, was to be producing 6 million barrels in four or five years, up from 2.4 million a day currently.

The oil and gas fields are distributed around the country including some that lie near the border or are shared with neighboring countries such as Iran and Kuwait.

Read more ....

My Comment: I am sure that all the other members of OPEC are looking at this development .... and are concerned on what will its effects be on the price of oil when the Iraqis are at full production.