Iraq finds three new oil fields, offers India development deal
Oil in Iraq. Yeah, it's complicated.
Iraq has discovered three new oil fields and nominated India to partner with the state in their development, according to The Times of India.
This is somewhat unusual, as governments usually lobby Iraq in the run-up to bidding on partnerships of this nature.
But Iraq's Oil Ministry Veerappa Moily told reporters on Thursday: “Iraq has offered to give state-owned Indian oil firms Kifil, West Kifil and Merjan, discovered oil blocks in the Middle Furat oilfields, on nomination basis,” reported the Hindu.
The Iraqis hope to partner with the Indian Oil Corporation, according to the Iraqi government statement cited by Reuters.
Moily added that Iraq is working toward replacing Iran as India's top crude oil supplier in light of the international sanctions on the Islamic Republic, reported the Hindu. The new sanctions are meant to discourage Iran's nuclear program, which Western countries fear is being used to make a bomb; Iran denies this.
Iraq is home to some of the world's largest-known oil reserves.