An oil expert said that it is very possible that Iraq would discover 10 new oil fields soon. "Iraq has five supergiant oil fields after the discovery of 100 fields recently and it is expected to identify five other giant fields," Iraqi governmental oil expert, Hamza al-Jawahiri said in a press statement, briefed by "Shafaq News".
"The fifth round of energy licenses' contracts will focus on gas only, and according to the available information, the coming contracts will include a very important clause which is if Iraq discovered oil fields, it is not obliged to develop it by foreign companies, unlike gas fields, the companies that discover it must develop them".
"Iraq has 520 oil and gas geological compositions, only 114 are discovered, while the developed of these fields are 23", explaining that "we have a lot to do as we did not take advantage so far but of simple part of them".
While the Russian oil company Rosneft announced its desire to contribute in the exploration and development activities in the Iraqi oil fields.
It is worth mentioning that the CEO of Rosneft, the Russian oil company, Igor Sechin and the Head of Rustic Russian Technologies company, Sergei Chemezov met recently with Iraqi Prime Minister, Nuri al-Maliki and showed willingness to make a technical review of the oil installations and support the exploration and development activities of oil fields, according to them.
Russian President, Vladimir Putin has called last year to boost his country's presence in Iraq after a decline in the production of the Russian company Lukoil of oil during the past three years from its old fields in Siberia.
The Iraqi Oil Minister, Abdul Karim al-Laeebi confirmed earlier that Iraq's oil production will reach 3.7 million barrels per day (bpd) on average during this year, slightly less than the highest ever level of 3.8 million barrels, which was recorded in 1979, as it is probable that the volume of exports would reach 2.9 million bpd, including 250 thousand of from Kurdistan Region.