Iraq is going to be resumed oil exploration after a break of just about twenty years due to UN sanctions against the Saddam Hussein government. Its postwar oil bonanza remains a mirage. It has the second or third-largest reserves which makes it the heart and huge bulk of the country economy. U.S experts predicted that Iraq’s oil production may triple to an enthusiastic 6 million barrels every day by 2010.

There are four western oil production companies are in the final stages of negotiations the last month on contracts that they will back to Iraq after losing 36 years their oil concession to nationalization at the time President Saddam Hussein rose to power.

A ceremony program to mark the occasion has been held near Nasiriyah which is 350 K.M. south of Baghdad. There exploration teams with experts will now attempt to disclose oil deposits that will make able Iraq to double its proven oil reserve which is now containing at 115 billion barrels of crude.

At this time, Iraq wants to boost up its output by 500,000 barrels every day from the running average production of 2.5 million bpd and it would be around close to the amount being pumped before the US-led invasion of March 2003.

BP, Total, Exxon Mobil and Shell along with Chevron as well as several number of smaller oil production companies’ contact with Iraq’s Oil Ministry for no-bid contracts to service Iraq’s largest oil fields.

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