Iraq's oil capacity could reach 12 million barrels per day (bpd) in six years, the country's oil minister says.
Hussein al-Shahristani told reporters in Baghdad that oil producers would not necessarily operate at full capacity, but would take into account demand.
Saudi Arabia, the world's largest oil exporter, has a capacity of 12.5m bpd.
Earlier, a joint bid by Russian and Norwegian oil firms won the contract for the "supergiant" West Qurna field, said to have reserves of 13bn barrels.
Lukoil and Statoil will get $1.15 a barrel and will work to raise output from West Qurna Phase 2, in the Basra region, to 1.8m bpd. In June, a winning bid to develop another Iraqi field received $2 a barrel.
 |  The terrorists tried to send a message to the companies through the bombings... But [it] was not delivered and never deceived them  Hussein al-Shahristani |
On Friday, the contract to develop the 12.6bn-barrel Majnoon field in southern Iraq was won by a consortium led by Shell. It also pledged to increase daily production to 1.8m barrels, up from only 46,000.
Rights for the eastern Halfaya field, with 4.1bn barrels of reserves, went to a consortium led by the Chinese state oil company, CNPC.
But the East Baghdad field, part of which lies under the city's Sadr City area, and another in the Diyala province attracted no bids.
'Big achievement'
At a news conference on Saturday, Mr Shahristani called the result of Iraq's second international oil auction since 2003 a "major success".
"It is a big achievement for Iraq to win such contracts at the current prices," he said.
The minister said the contracts awarded over the past two days, coupled with those from the last auction in June and government efforts, would allow Iraq to boost daily production from 2.5m barrels to 12m.
The projected plateau production from the winning bids of the second round alone was 4.765m bpd, he said.