Bidding for Iraqi petroleum contracts delayed due to sandstorm
The start of bidding for the rights to develop eight Iraqi oil and gas fields has been postponed until Tuesday because of bad weather, the Iraqi Oil Ministry said in remarks published Monday.
More than 30 companies had been scheduled to begin two days of bidding on Monday for contracts worth an estimated 16 billion dollars. However, the process was delayed for a day because a sandstorm shut Baghdad's airport on Sunday, Iraqi Oil Ministry Spokesman Assem Jihad told Baghdad's al-Sabbah newspaper.
Oil Minister Hussein al-Sharhistani has said he hopes the contracts will almost double daily oil production, from 2.4 million barrels of oil per day to 4 million.
Iraq, OPEC's third-largest oil producer, nationalized its oil and gas fields in 1972.
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