Iraq to Auction 12 Exploration Blocks in Nov.

Dow Jones Newswires), March 22, 2011

Iraq plans to auction 12 exploration blocks, believed to contain mostly gas reserves, in November as part of the country's efforts to capture natural gas for electricity generation, said the country's oil minister.

Abdul Kareem al-Luaibi said 70% of these blocks are believed to contain gas reserves only, with the rest containing oil and gas reserves.

"We think that these 12 blocks contain at least 29 trillion cubic feet of [non-associated] gas," the minister told reporters in Baghdad.

Copyright (c) 2011 Dow Jones & Company, Inc.

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