Iraq opens new energy auction to develop 3 gas fields
BAGHDAD. October 20. KAZINFORM Iraqi Oil Minister Hussein al- Shahristani opened Wednesday the country's third energy auction to develop three gas fields; Kazinform refers to Xinhua.
"We have assigned three gas fields for bidding in this auction which are Akkas gas field in Anbar province, al-Mansouriyah gas field in Diyala province and Siba gas field in Basra province," Shahristani told a conference in the Oil Ministry building in eastern Baghdad.
"The three gas fields have a total of more than 11 trillion cubic feet (308 billion cubic metres) of natural gas reserves," Sharistani said.
Iraq has proven reserves of 112 trillion cubic feet (3.13 trillion cubic metres) of natural gas, but because of the poor infrastructure of the oil and gas industries, the country is only producing 1.5 billion cubic feet (42 million cubic metres) a day.
Last year, Iraq held two energy auctions and signed contracts to develop a total of 12 oil fields across the country, aiming at increasing its oil output capacity, which is currently at roughly 2.5 million barrel per day (bpd), to 12 million bpd in six or seven years.
About a week ago, Iraq announced its proven oil reserves have increased to 143.1 billion barrels rising from the previous estimation of 115 billion barrels; Kazinform cites Xinhua.