Abstract
Through three oil bidding rounds, Iraqi Ministry of oil contracted with a number of international oil companies to develop the production of a number of oil and natural gas fields, with a total proven reserves of 62.7 billion barrels, or approximately half of the crude oil proven reserves, as well as contracting to invest in three giant natural gas fields. This working Paper shed light on the three oil bidding rounds, challenges that are likely to face Iraqi oil production in the future, and finally the economic impact of that future oil production on the Iraqi economy.
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