Azerbaijan, Baku, May 16 / Trend, A.Taghiyeva /
Iraq invites foreign companies to participate in a tender for water injection into oil wells to maintain reservoir pressure to overcome the decline in production at the West Qurna, Majnoon, Rumaila and Zubair fields, the Iraqi Oil Ministry's representative Asym Jihad said on Wednesday.
He said the tender is estimated at billions of dollars and the winning company will take part in the development of the fields.
"The tender will be completed in the near future as water pumping and other work on the wells in these fields should begin immediately," Jihad said.
In April, Iraq increased its oil exports up to 2.508 million barrels per day which is the highest figure since 1989, Jihad told Trend earlier.
According to BP, Iraq's proven oil reserves as of early 2011 amounted to 115 billion barrels.
The country ranks third in OPEC after Saudi Arabia and Iran.
The major oil fields of Iraq are Rumaila, Zubair, Nahr Umr, Majnoon and West Qurna in the south of the country. About 80 per cent of oil extracted in Iraq, is exported.