LOC20:13
17:13 GMT
BAGHDAD, Feb 2 (KUNA) -- Iraqi Oil Minister Hussein Al-Shahristani said on
Tuesday Iraq's keenness on the global market balance and stable oil prices had
prevented the launching of the third license round for Iraqi oilfield
development.
General Secretariat of the Cabinet quoted the Iraqi minister as saying that
Iraq had taken into account maintaining the balance of the global market to
ensure marketing outlets and fair oil prices.
But, he hailed the contracts signed with international companies as ideal,
especially as they have a period of only six years.
He explained that the increase to be provided by the first and second
licensing rounds would go in tandem with high oil demand and depletion of oil
reserves in several world countries.
Iraq is expected to increase its production up to 12 million oil barrels in
the next six years, following the signing of a number of partnership contracts
with international oil companies.(end)
ohh.hs
KUNA 022013 Feb 10NNNN