Talks announced to discuss Iraq oil deals

OIL DEALS: Top level talks will take place in Iraq next month to discuss lucrative oil and gas contracts with energy firms. (Getty Images)

Iraq's oil minister will meet energy firms bidding for long-term oil and gas service contracts in London next month, the oil ministry said on Sunday.

"The oil minister will meet representatives from international oil companies in London on October 13 to offer all the information they need to develop the oil and gas fields announced in the first bidding round," ministry spokesman Asim Jihad said.

The 41 companies which pre-qualified to vie for the contracts have all been invited to the meeting with oil minister Hussain al-Shahristani.

"The oil ministry will unveil the legal framework and conditions for signing service contracts by qualified oil companies," Jihad said.

Iraq opened its giant oil and gas fields to foreign firms on June 30, announcing long-term development contracts with a view to raising oil output by a combined 1.5 million barrels per day at those fields. Iraq wants to raise total oil output to 4.5 million bpd by 2013, from around the current 2.5 million bpd.

Oil fields listed in the first bidding round were Rumaila, Kirkuk, Zubair, West Qurna Phase 1, Bai Hassan and Maysan - which comprises the Bazargan, Abu Gharab and Fakka fields.

Two gas fields, Akkas and Mansuriyah, are also on offer. Baghdad has said it wants to sign the deals by mid-2009.

It plans to announce a second bidding round for different fields by the end of the year.

Iraq, which has the world's third largest proven oil reserves, needs huge amounts of investment to boost oil output and rebuild itself after years of sanctions and war.

Iraq had planned to hold an oil and gas conference at Baghdad international airport in October to try to sell the country's energy potential to foreign firms.

Organisers postponed that event until December 5 because some of the facilities would not be ready. (Reuters)

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