Iraqi industry minister Hajim Alhousin said that Iraq had signed two contacts with two international companies to prepare a study for the development of three oil fields.

The minister revealed that the first contact is with the British company ECL to develop the northern and southern fields at Alramila that started production back in 1951. The second one with Shell to develop Kirkuk fields, which started producing in the year 1934. The minister also disclosed that the two companies will bear all costs which are estimated at US$2 million.

For his part, Iraqi oil minister Thamer Algadaban confirmed that Iraqi revenues form crude oil reached US$13.4 billion since the fall of Saddam Hussein's regime.