Iraqi News Iraq say no plan for 3rd oil auction

[donwells]

Iraqi Oil Minister Hussein al- Shahristani said on Tuesday that his country has no plan for a third round of auction to develop its oil fields due to the export capacity and global market considerations.

"The limited ability of oil export at this stage prevents us from holding a third oil auction," al-Shahristani said in a statement posted on the website of the state-run National Media Center.

He said that Iraq is also taking into consideration the stability of the world oil market as well as its own endeavor to get fair prices for its oil.

Up to 10 contracts for developing oil fields were awarded at the two auctions in June and December 2009, and Iraq is expected to boost its oil output to around 12 million barrels per day (bpd) in six to seven years from the current capacity of around 2.5 million bpd.

Estimated at 115 billion barrels, Iraq holds the world's third largest proven oil reserves, after Saudi Arabia and Iran.