Iraq, holder of the world's third-largest oil reserves, will offer contracts to develop 60 oil fields, in several batches, starting next year, said Iraqi Oil Minister Hussain Sharistani. Only 20 of Iraq's 80 discovered oilfields are in production, Mr. Sharistani said.
The government is waiting for parliament to approve a new hydrocarbons law early next year to start offering contracts to develop the remaining fields, Mr. Sharistani said. Contracts to develop oil fields were given about a decade ago by the regime of former president Saddam Hussein to companies such as Total SA, OAO Lukoil and China National Petroleum Corp. Wars and sanctions have curtailed Iraq's ability to develop its oil wealth.
Source: Financial Post - Canada
