VOICED: Iraq's oil reserves, an El Dorado for foreign firms

Iraq aims to generate $1.7 trillion in oil revenue over 20 years by opening its oil fields to foreign investment, a move opposed by many due to the industry's nationalization in 1972. The government insists this is for the country's benefit, but a recent auction failed as foreign firms found potential profits too low. Iraq needs modern technology and revenue for reconstruction, with its vast oil reserves offering potential, but challenges remain.

What is the primary goal of Iraq's government in seeking $1.7 trillion in oil revenue?

• To invest in renewable energy

• To reduce foreign debt

• To increase military spending

• To finance nationwide reconstruction

Why is the initiative to open Iraq's oil fields to foreign investment unpopular?

• The industry was nationalized in 1972

• It reduces job opportunities for Iraqis

• It leads to environmental concerns

• It increases oil prices

What was the outcome of Iraq's recent oil field auction?

• All fields were successfully auctioned

• Foreign firms were satisfied with profit shares

• Only one oil field found an investor

• The auction was postponed

What do experts suggest is necessary for Iraq to develop its oil fields?

• Modern technology

• Higher oil prices

• More local labor

• Increased military presence

Where does Iraq rank in terms of proven oil reserves globally?

• Third

• Second

• First

• Fourth