Iraq awards first oil contract

Iraq’s Oil Ministry has awarded its first contract since the fall of Saddam Hussein, choosing a British, Turkish and local company to develop a northern oil field.

UK-based Dynamic Processing Solutions, Iraqi company Kar and Turkey’s Avrasya will develop the field in the province of Irbil after being given the €98m contract, said ministry spokesman Assim Jihad.

He said more contracts with other companies would soon follow.

The agreement comes with Iraq’s vital oil industry still in turmoil, with pipelines and other infrastructure frequently targeted by rebels.

Iraq has at least 113 billion barrels of oil reserves, the second largest in the world after Saudi Arabia.