Iraq to Hold Gas Field Auction

Iraq’s Oil ministry will initiate its third energy auction to develop three gas fields on 20 October 2010.

The fields will meet the country’s growing need for natural gas to feed upcoming power plants and to export gas.

The auction will involve the gas fields of Akkas in Iraq’s western Anbar province, Mansuriyah in the eastern province of Diyala and Siba in the southern Basra province.

The ministry estimated the natural gas reserves in the three fields to be 318 billion cubic metres, reports Xinhua.

Iraq awarded contracts to develop 12 oilfields in two auctions held in 2009. The country aims to increase its oil output to 12 million barrels per day from 2.5 million barrels within seven years.

The country has proven reserves of 112 trillion cubic feet of natural gas, but is able to produce only 1.5 billion cubic feet per day.