Iraq will develop its own oilfields

Dec 11, 2009 01:00 AM

Iraq would find ways to develop oilfields that are not awarded to international oil firms in an auction underway in Baghdad, the country's oil minister said.
"The Iraqi oil ministry will develop... all the fields that were not awarded today with national capabilities," Iraq's Oil Minister Hussain al-Shahristani said. "This is our national duty and the Oil Ministry's responsibility. We will develop these fields either as a national administration or by other means that will be decided later by the ministry."

Two out of five fields were awarded on day one of the two-day auction. Five more fields would be offered soon.
No bids were received for the country's supergiant East Baghdad oilfield, or its Eastern Fields. While Sonangol of Angola was the sole bidder for a contract to develop Qayara oilfield, but its proposed per-barrel remuneration fee was too high and it declined to lower its offer.

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