LONDON, April 30 (UPI) -- Iraqi Deputy Prime Minister Barham Saleh said Thursday his country would court additional oil investors to bring production to 6 million barrels per day.
Saleh in London said only through the expertise of the international oil sector could Iraq boost its oil production from the current 2.5 million bpd to 6 million bpd, the Platts news service reports.
Iraq in 2008 opened two rounds of bidding for 20-year service contracts to develop current oil fields and moved on similar gas bids expected in June.
Baghdad moved on bilateral agreements with select oil majors to bid on specific oil fields in Basra and northern Iraq.
The deputy premier said the global recession put renewed focus on the need to increase oil production but stressed Iraq would not base its economy exclusively on oil.
Baghdad made drastic cuts to its national budget for 2009 as the price of oil dropped from highs near $147 in July 2008 to static levels of around $50 per barrel.
Iraq moved earlier this week to increase its signature bonuses for international oil companies to take part in six oil and two gas blocks to a total of $2.6 billion in what is described as a loan to the Iraqi Oil Ministry.