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Oil finally begins to flow and revive a nation's economy

Posted: 01/07/08
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Iraq opened its main oilfields to exploration by international companies for the first time in 36 years yesterday as part of the first step of reviving the country’s shattered economy.

The move has come at a crucial time for both Iraq and the world as oil prices have rocketed to nearly $144 a barrel due to heavy demand from emerging markets such as India and China.

35 companies have been allowed to bid for long-term contracts in six oil fields, with proven oil reserves of 115 billion barrels. The Iraqi government aiming to increase current production levels by 1.5 million barrels a day from the current 2.5 million.

For comments, quotes and interviews from our independent analyst on the future of Iraq’s oil industry, please contact:

Craig Stephenson or Vicky Lyons
Flame Public Relations
020 7233 7578
press@flamepr.com

Company: Flame Public Relations