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menafn.com: Iraq allocates $2.5b to boost its oil output

MENAFN: Middle East North Africa Financial Network, Jordan
 
23/03/2008  
  
(MENAFN) An official at the Iraqi government said that Iraq may pay $2.5 billion for five major oil companies to boost the country’s oil output by nearly 25 percent, Iraq Directory reported.

According to the official, Baghdad will sign technical support contracts with BP, Royal Dutch Shell, Exxon Mobil, Chevron and Total to add 500,000 barrels per day (bpd) to the country’s current production of 2.27 million bpd.

More than 100 companies registered themselves to compete for oil exploration and to win contracts services to assist in the development of Iraq’s reserves, which are the third largest reserves in the world.  

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093189904

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