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U.S. markets recover from steep losses
BAGHDAD, Dec. 12 (UPI) -- The Iraqi government said Saturday international oil companies received seven oil field contracts out of a possible 10.
Iraqi Oil Minister Hussain al-Shahristani said the awarded oil fields could potentially produce up to 4.7 million barrels a day, The Wall Street Journal reported.
Among the awarded oil fields were Iraq's Majnoon and West Qurna Phase 2 sites.
A consortium involving the Russian oil company, Lukoil Holdings, was given the contract to West Qurna Phase 2. Royal Dutch Shell PLC and Malaysia's Petronas oil and gas company were awarded Majnoon.
Petronas, along with France's Total and the China National Petroleum Corp., were awarded the Halfaya oil field.
The Journal said Shahristani announced Iraq is prepared to once again join the Organization of Petroleum Exporting Countries quota system regarding oil production. Iraq is already a member of OPEC.
The oil minister did warn it would take time for his country to reach the system's required production levels.
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