Iraq opens new oil fields to bids

TEHRAN, Iraq, Jan. 1 (UPI) -- Iraq said it would open a new round of licensing bids for companies to develop untapped oil fields that could produce up to 2.5 million barrels per day.

Oil Minister Hussain al-Shahristani said Iraq's eventual goal was to increase production from 2.4 million barrels per day to 6 million, The New York Times reported Thursday.

The announcement involves 11 oil and gas fields. Deputy Minister Ahmed al-Shammar said the 35 foreign oil companies that participated in the first round of bidding that started last summer would be qualified to bid again.

At a news conference, Shahristani said there were "about 78 oil and gas fields in Iraq, but only 15 of them are under operation."

Some of the fields involve underground deposits that cross borders into Iran and Kuwait, the Times said.

Iraq has been criticized for its slow progress developing its oil fields, which include a total of about 115 billion barrels of oil, the Times said.

Shahristani said he hoped to have the contracts signed from the second round of bidding by the middle of this year.