40 explored, but undeveloped fields in Iraq- minister

BAGHDAD / IraqiNews.com: Iraq has nearly 40 explored, but undeveloped, oilfields, the Iraqi minister of oil said on Tuesday. “Seven other fields have been developed as part of the second oil licensing round,” Minister Hussein al-Shahrestani told IraqiNews.com news agency. Iraq‘s oil production from the fields included in the two bidding rounds is expected to reach 11 million barrels per day (bpd), he noted. Iraq hopes the contracts signed during the first two oil licensing rounds will help bring the country’s oil production to 12 million barrels per day (bpd) in six years from a current production level of about 2.5 million bpd. SS (P) 2