Iraq Oil Law Details Untouched Fields, Blocks -Document

Iraq’s draft hydrocarbon law, the centerpiece in the development of the country’s shaky oil industry, details dozens of untouched oil fields loaded with proven reserves and scores of exploration blocks that may prove a magnet to international oil companies, according to a document seen by Dow Jones Newswires.

Development of the long-delayed draft law has suddenly picked up pace in recent weeks, with hopes that it may be approved by lawmakers later this month. It is expected to open the country’s 115 billion barrels of proven oil reserves, the world’s third largest, to foreign investors.

In the latest draft, the law lists some 51 oil fields in various parts of Iraq that are ready for development, and 65 exploration blocks.

The potential oil wealth of the country is broken down into four appendices.

RigZone