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Iraq May Get $4.2 Trillion in Income from Oilfield Developments


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Iraq May Get $4.2 Trillion in Income from Oilfield Developments

Oct. 20 (Bloomberg) -- Iraq may earn $4.2 trillion in revenue from oil fields

being developed by international companies after rights for production from the

deposits were auctioned last year, Oil Minister Hussain al-Shahristani said.

The fields, whose development rights were assigned after two bid

rounds held last year, will produce 60 billion barrels of oil, he said. The

Iraqi government will get 99 percent of the revenue from those deposits,

al-Shahristani said today opening the country’s third hydrocarbon bid round in

Baghdad.

http://www.businessweek.com/news/201...elopments.html

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Iraq May Get $4.2 Trillion in Income from Oilfield Developments

Oct. 20 (Bloomberg) -- Iraq may earn $4.2 trillion in revenue from oil fields

being developed by international companies after rights for production from the

deposits were auctioned last year, Oil Minister Hussain al-Shahristani said.

The fields, whose development rights were assigned after two bid

rounds held last year, will produce 60 billion barrels of oil, he said. The

Iraqi government will get 99 percent of the revenue from those deposits,

al-Shahristani said today opening the country’s third hydrocarbon bid round in

Baghdad.

http://www.businessw....elopments.html

Wow GMB, I wonder if they have made a mistake on the type of currency. I can understand 4.2 trillion dinar, but I can hardly believe $4.2 trillion dollars.... that takes my breath away.... if there are no mistakes then this is huge! Thanks for the post!
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