Iraq auctions oil reserves

Companies around the world have begun bidding for the chance to develop some of IraqÔÇÖs oil and gas reserves, almost 40 years after the countryÔÇÖs energy sector was nationalised.   Thirty-one firms, including Exxon Mobil, Royal Dutch Shell and Total, have bid for the 20-year service contracts to develop six oil fields, which account for around 43 billion of IraqÔÇÖs 115 billion barrels of crude reserves, and two gas fields. Firms from China and India are also known to have submitted bids. The auction was originally scheduled for Monday, but had to be delayed due to sandstorms in Baghdad. With the help of the successful companiesÔÇÖ technology and expertise, Iraq is aiming to increase oil production from 2.4 million barrels per day to over 4 million per day, over the course of the next 5 years. The money generated from increased production will be split between the extraction companies and the financing of infrastructure projects throughout Iraq, such as the development of schools, roads, airports, housing and medical facilities. The oil fields up for auction are in southern and northern Iraq, with the gas reserves lying in the western and north-eastern Baghdad region. *┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á *