Infinity Oil and Gas Exploration wants to ramp up output by 500,000 barrels per day (bpd) from the current average production of 2.5 million bpd, about equal to the amount being pumped before the US-led invasion in March 2003.
However, political infighting over how oil revenue should be shared has slowed the process.
But the gas lines snaking nearly 2 miles down the streets of Baghdad on Tuesday show it will take a lot more than money to translate record oil prices and increased production into concrete improvements in the quality of life for the Iraqis.
Infinity Oil and partners bagged 20 blocks, while first timers BHP Billiton and GVK Power emerged winner in seven deepsea blocks after evaluation of bids that came on June 30, officials, here to attend the World Petroleum Congress, said.
The continuing rise of oil prices will likely cost Californians more pennies per gallon at the gas pumps, even after the Fourth of July holiday, when prices historically level off.
Light, sweet crude oil for August delivery surged $1.72 to settle at a record $145.29 Thursday on the New York Mercantile Exchange.