Giant oil companies compete for Iraqi oil, including Exxon Mobil, Total

Major international oil companies Competing for a greater share of possible oil and gas resources of Iraq after the companies felt that the atmosphere foresees improved security situation in Iraq.

Among the giant companies competing to invest in the development of oil and gas fields, Exxon Mobil, Iraq and France’s Total, in addition to dozens of Russian, Chinese and Malaysian companies.

 
One of the most important factors that make the giant companies, including smaller and less hectic racing in the wealth of Iraq is the oil and gas exploration and development costs which are the cheapest in the world, which do not exceed the cost of a barrel of oil extraction and the two proceed to the Iraqi government to open oil and gas companies of the World make the competition fiercer more.

According to the Iraqi Oil Ministry spokesman, Assem Jihad who citing the location of the island, more than 120 international companies submitted files, while the Iraqi government announced last year has opened a tender for the development of six oil fields and one gas.

 
Jihad said that the government announced a further development of 11 fields had been set a timetable for the development of this process.

 
In spite of the significant decline in oil prices, the companies that engaged in heated competition to become Iraq’s oil is ready to work in Iraq, even a small profit margin on the short and medium term.

 
Iraq’s crude oil stockpiles is estimated at more than 100 billion , while reserves of natural gas including at least three trillion cubic meters.