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Tuesday, March 31, 2009

Iraq invites bids on major Basra oil field

BAGHDAD Ñ Iraq has invited U.S. and European energy majors to develop a major oil field.   

Iraq has invited at least three Western majors to bid for the development of the Nahr Bin Umar oil field in the southern province of Basra.

Nahr Bin Umar, with estimated reserves of six billion barrels of oil, was expected to produce 500,000 barrels of oil per day.

Also In This Edition

The Iraqi Oil Ministry has invited France's Total and the U.S. firm Chevron for a joint bid for Nahr Bin Umar. Norway's StatoilHydro has already submitted a bid for the project, Middle East Newsline reported. An official said Chevron and Total would be joined by another Western energy major. The official said Chevron and Total, which completed a study of Iraqi oil fields, were deemed the frontrunners in the competition.

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