BAGHDAD, May 7 (UPI) -- There is a strong indication that international bidders are interested in tapping natural gas reserves in Iraq, the Iraqi oil minister said in Baghdad.
Baghdad officials announced a third round of auctions for oil and natural gas contracts for Sept. 1.
Investors shied away from the first round of post-war auctions in summer 2009 because of security concerns but Baghdad walked away from December auctions with the confidence to say it could rival Saudi Arabia in terms of oil production within the next few years.
Iraqi Oil Minister Hussain al-Shahristani said gas could meet growing energy needs for Iraq and possibly European countries once developers start work at the three gas fields -- Akkas, al-Mansouriyah and Siba.
"We have indications that there is renewed interest among companies to compete for these fields," the Emirati newspaper The National quoted the minister as saying.
Iraq is considered a possible supplier to the Nabucco natural gas pipeline for Europe. The National reports that Iraq has set aside Akkas near the Syrian border as a possible source for the Nabucco gas pipeline for Europe.
A spokesman for the Oil Ministry said recently that Iraq is losing around $70 million each year flaring natural gas from oil production in the country.
