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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?
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From: kryptonic67/13/2005 10:20:22 AM
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IRAQ: 11 SOUTHERN IRAQI OIL FIELDS TO GO UP FOR TENDER

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.

(Sal/Aki)

08-Jul-05 13:21

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