[Bulldog75] IRAQ OIL & GAS RESERVES ARE SOME OF THE HIGHEST IN THE WORLD! A NEW CONTRACT WAS SIGNED TODAY INVOLVING KUWAIT & RUSSIA. IRAQ IS NEEDING MORE ELECTRICAL ENERGY: Iraq signed an initial deal with a Kuwait-led consortium Monday and a contract was awarded to a Russia-led group to drill for energy, part of Baghdad's efforts to strengthen its role as a major producer. The two deals are among four that are in the process of being finalized with international firms to boost already plentiful oil reserves and increase production of much needed gas to help fill the country's electrical power shortfall. (part 1 of 2)

[Bulldog75] part 2 of 2) The preliminary deal was the second in as many days, with Baghdad having inked another initial deal with Pakistan Petroleum on Sunday, and set to agree a preliminary contract with a consortium led by Lukoil on Tuesday. Iraq is ramping up oil exports, which account for the vast majority of government income. Baghdad eyes higher gas production to increase woefully inadequate electricity supplies. Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the ‘highest such deposits in the world’. ~

NEWS RELEASE TODAY: JULY 16, 2012: http://news.yahoo.com/iraq-deals-boost-energy-exploration-131453731.html
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