Iraq Offers 12 Blocks In Latest Oil Auction
From Gulf News
Iraq is putting 12 oil and gas exploration blocks up for sale at a two-day auction that opened yesterday, which it hopes will boost its reserves and strengthen its position as a key producer.
The sale, the fourth such auction to be organised by Iraq since mid-2009, comes as the country ramps up its oil exports, which account for the vast majority of government income, and looks to raise gas production to increase woefully inadequate electricity output.
