Iraq to open deals for Big Oil

[BIG WAVE]

KUWAIT (Reuters) -- Iraq plans to invite international oil companies to help develop its giant oilfields before the end of this year, Oil Minister Hussain al-Shahristani told Reuters on Tuesday.

"These are major projects, giant oilfields," Shahristani said in an interview on his arrival in Kuwait.

But multinationals have been waiting for a new investment law, expected to be approved later this year, and for security to improve.

Asked if oil majors are slated to take part in big oil projects in Iraq, Shahristani said: "Yes, definitely. It's going to be public tendering. We'll declare which oilfields will go first and then the oil company is free to apply."

The minister was asked when the tendering process would start. "Before the end of this year ... We have to decide on the types of contracts that we will be interested in."
http://money.cnn.com/2006/07/04/news/international/iraq_deals.reut/index.htm?section=money_news_international

[BIG WAVE]

Shahristani said he expected Iraq's oil production capacity to hit 4.3 million bpd within the next four years and to reach between 6 million and 8 million bpd by 2015.

Only 80 fields are now being utilised out of a total of 500 oil and gas fields," Shahristani said. "When all these fields are exploited, Iraq will have the world's biggest oil reserves."

Iraq has eight refineries, none of which were damaged during the invasion, but they are operating at only 50-75 percent of capacity, forcing Baghdad to import most of its fuel.
http://www.aina.org/news/20060704111455.htm

[BIG WAVE]

PETREL, the Irish company exploring for oil in Iraq, said the security risks of operations in Iraq are manageable.

He said Iraq has excellent prospects, both at existing fields and in areas yet to be explored.
"Security risks, like potential, are high but geological risks are low compared to exploration prospects elsewhere," he said.

"Petrel will aggressively expand and deepen its exploration and development activities in Iraq as quickly as possible," he promised.
New laws covering the operations of oil companies in Iraq are being drafted and in light of this, Petrel chairman John Teeling says the company has identified a multi-billion barrel oilfield it wants to develop and is preparing a submission for the Iraqi authorities.
http://www.unison.ie/business/stories.php3?ca=80&si=1646431

[BBbucks]

KUWAIT (Reuters) --
But multinationals have been waiting for a new investment law, expected to be approved later this year, and for security to improve.[/URL]

Hmmm… the other recent articles stated that the law will be completed by the end of July (or by Aug 3rd). I wonder if they've expedited the process OR if we'll have to wait until "later this year" as this states? :confused:

[BIG WAVE]

AMMAN -(Dow Jones)- Iraqi crude oil pumping from Kirkuk oil fields to the Turkish Ceyhan port continued Wednesday and one vessel started loading, an Iraqi oil official and a shipping agent said.

The official said that stores at the Mediterranean port reached 5 million barrels Wednesday morning.

A shipping agent at the port reached by telephone said that the flow is continuing at a rate of 15,000-20,000 barrels an hour.

The agent said Histria Diamond started loading 600,000 barrels at the Mediterranean port Wednesday morning. Another vessel is at anchor at the port and it is expected to start loading 2 million barrels of Kirkuk crude later Wednesday.
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20060705\ACQDJON200607050707D OWJONESDJONLINE000244.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.na

[Reymar]

Iraq is exporting up to 1.9m bpd of oil, and exports are now being put through Turkey's Ceyhan terminal, Reuters quoted the oil minister as saying.

http://www.ameinfo.com/90661.html