Doing the sums: Hussain Shahristani
Baghdad sees $35bn bids boost
Iraq expects total investment of $35 billion in the first two of its oil development rounds, Oil Minister Hussain Shahristani said today.
He estimated that $15 billion in investment would come from the first bidding round and $20 billion in the second, a Reuters report said.
Iraq plans to spend $50 billion on its energy sector over the next five to six years.
The investment will take Iraq's oil output capacity to 6 million barrels per day from around 2.5 million bpd, he said.
It would also include adding 840,000 bpd in new refining capacity.
"Our current production is 2.5 million bpd. The aim is six million bpd," Shahristani told an Opec energy conference.