VOICED: Iraq prepares for major oil bidding

Iraq presents a significant opportunity for oil giants due to its vast reserves, but the country faces challenges from past conflicts and sanctions. The government seeks foreign expertise to rebuild its oil infrastructure but is cautious about undervaluing its resources. Financial pressures necessitate deals for oilfield development, aiming to double production in five years, requiring substantial investment in infrastructure.

What is one of the main reasons foreign companies are needed in Iraq's oil sector?

• To provide technical expertise

• To increase oil prices

• To manage local conflicts

• To reduce oil production

During the first round of bidding, what was Iraq's approach to its oil resources?

• They prioritized foreign companies over local ones

• They ensured resources were not sold cheaply

• They refused to sell any resources

• They were willing to sell cheaply

What is a key goal for Iraq's oil production in the next five years?

• To maintain current production levels

• To stop production entirely

• To double production

• To reduce production by half

What financial pressures are influencing Iraq's oil sector decisions?

• The need for reconstruction and facilities

• The demand for higher oil prices

• The need for new oil fields

• The pressure to reduce oil exports

What is necessary for Iraq to achieve its oil production goals?

• Increasing oil prices

• Investing heavily in infrastructure

• Reducing foreign investment

• Decreasing oil exports