Iraq will this week unveil which foreign firms have won contracts to develop its oil and gas fields, nearly four decades after Saddam Hussein nationalised the country's energy infrastructure.
The deals, likely to be announced live on television on June 29 and 30, will provide the government with much-needed revenue as it struggles to rebuild the country after three wars and 20 years of debilitating economic sanctions. Thirty-one companies have submitted bids to develop six giant oil fields and two gas fields. The oil deposits, holding known reserves of 43 billion barrels of crude, are in southern and northern Iraq while the gas concessions are west and northeast of Baghdad.
Full Story: Iraq to open up oil fields for first time in four decades - WA today
The deals, likely to be announced live on television on June 29 and 30, will provide the government with much-needed revenue as it struggles to rebuild the country after three wars and 20 years of debilitating economic sanctions. Thirty-one companies have submitted bids to develop six giant oil fields and two gas fields. The oil deposits, holding known reserves of 43 billion barrels of crude, are in southern and northern Iraq while the gas concessions are west and northeast of Baghdad.
Full Story: Iraq to open up oil fields for first time in four decades - WA today
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