The announcement of the winning bidders for Iraq’s oil contracts has been delayed for 24 hours after a heavy sandstorm hit capital Baghdad yesterday.Â
Tha sandstorm brought visibility down to only a few yards and also caused the closure of the international airport. This meant that a number of high ranking oil officials did not arrived in Iraq when planned.Â
The Iraq contracts are the first to be awarded in 30 years and the announcements have been highly anticipated across the oil and gas industry. Almost every major oil compnay is bidding in some form.
Iraq has proven oil reserves of around 112 billion barrels, but is believed to hold up to to 150 billion barrels more of probable reserves.Â
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