Iraq Could See $1.72T in 20-Year Oil Revenue from Fields in 1st Bid Round

Iraq's Oil Minister Hussein al-Shahristani expects the development of oil fields listed in the country's upcoming oil and gas field tender to garner trillion-dollar revenues over the span of 20 years.

Speaking during a session in Iraq's parliament held to discuss the bid round's contracts scheduled for award on June 29 and 30, the Oil Minister said, "Total profit from oil sales as results of developing the eight oil and gas fields listed in the first bidding round would reach $1.716 trillion."

Citing a revenue estimate made by the ministry, Shahristani added that international oil companies should expect to make upwards of $16 billion in profit.

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