THE Iraqi government said yesterday it had reached an agreement worth $6bn with three foreign companies to install 50 diesel-fuelled emergency power generator stations across the country to help ease its acute power shortage.
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International oil companies in Iraq have increased production slightly since October, with better than expected output in southern Basra's fields — indications the country's most important industry continues its recovery, according to a new US Defence Department audit.
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Iraq exported slightly less crude in 2010 compared to the previous year but still earned 26.3 percent more due to an increase in global oil prices, an official statement said on Wednesday.
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Iraq, OPEC's third-largest oil producer, has cut official crude prices to Asia and Europe, as Middle Eastern producers pulled back from their highest pricing levels in more than a year, Reuters has reported.
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Iraq aims to have another round of oil and gas licensing auctions during the fourth quarter of 2011, an Iraqi oil official said from Baghdad.
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Reuters reported that Iraq expects to see its crude oil production reach 2.75 million barrels per day this year.
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Iraq's oil ministry has said it expects to start within a month the first phase of a multibillion-dollar water injection project to help boost crude production rates from its southern oilfields, Reuters has reported.
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Production at Iraq's supergiant Rumaila oilfield, developed by BP and China's CNPC has fallen from peaks hit in December and early January.
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