BAGHDAD, March 6 (UPI) -- The Iraqi Oil Ministry confirmed it was reviewing offers from international oil companies to develop an oil field in the northern city of Kirkuk.
Iraqi Oil Minister Abdul Kareem al-Luaibi said Baghdad was moving forward with talks about the possible development and rehabilitation of the Kirkuk oil field.
"We are now in the process of studying offers from several international oil companies, like BP and Schlumberger, to develop the Kirkuk oil field," he was quoted by the Platts news service as saying.
State-run North Oil Co. started limited production of the field after a 2009 licensing round. In February, Platts reports, BP was considering efforts to bring the capacity of the field to around 700,000 barrels per day within five years.
Production from the field had reached 1.5 million bpd under Saddam Hussein's government, though that level was considered unsustainable, Platts adds.
In May, Iraq is expected to put around a dozen oil and natural gas blocks up for auction in its fourth licensing round. The International Energy Agency has warned political instability in post-war Iraq could dim prospects for the energy sector.
