Entered into the database on Friday, July 08th, 2005 @ 21:45:10 MST
Baghdad, 8 July (AKI) - Eleven oil fields in southern Iraq, capable of boosting
the country's production to three million barrels a day will soon be tendered
to international investors, the Iraqi oil ministry announced Friday. "The
ministry needs legislation which will allow it to fix international work criteria
with companies that are involved in petroleum investments," said the ministry's
spokesman, Asim Jihad. "Iraq needs capital investments to develop its petroleum industry, he said,
adding that the government had estimated that some 25 billion dollars in investments
were required to boost oil production to 5-6 million barrels a day. Jihad also said that the government has no intention to privatise the oil sector,
but would remain under state control. "We will seek foreign investments, that will allow us to develop our industry
but without paving the way for foreign monopolies to take over," he said.
Iraq currently produces 2.2 million barrels a day - with only 1.5 million of
these for export - a situation determined by the suspension of operations in
the country's southern areas after sabotage attacks.