Basra, Kirkuk fields exporting Iraqi oil

BAGHDAD, Nov. 23 (UPI) -- Production from oil fields in Basra and Kirkuk contributed 58.2 million barrels to Iraqi exports for the month of October, officials said.

The Iraqi Oil Ministry said it raised $4.19 billion from oil exports for October given an average price of $71.94 per barrel, the Voices of Iraq news agency reports.

"The crude exported throughout the last month was produced by Basra's fields (46.3 million barrels) and Kirkuk's fields (11.9 million barrels)," a statement from the ministry said.

The announcement comes as Iraq prepares for its next round of international oil auctions scheduled for December.

Iraq moved ahead with contracts with BP and the Chinese National Oil Corp. for the Rumaila oil field recently. A series of deals was also initiated for the first phase of the West Qurna field in the south.

Iraqi Prime Minister Nouri al-Maliki said that whatever government comes to power following 2010 parliamentary elections must honor the contracts from his administration.

Iraq held its first post-war oil auction in June, though government provisions and security kept most bidders away.

There are 10 oil and gas fields up for auction in the next round. Iraq expects development from all 10 to push national production to more than 9 million barrels per day. Current production is around 2.5 million barrels per day.

The second round is scheduled for Dec. 10.