Iraq's oil ministry on Tuesday announced the launch of a fourth state company responsible for overseeing development in recently auctioned fields in the centre of the country. The Middle Oil Company will join the North, South, and Maysan companies as the latest state-owned organisation tasked with boosting production in the war-torn but energy-rich nation. 'We decided to establish the Middle Oil Company which will be responsible for developing the oilfields in Baghdad and surrounding provinces,' ministry spokesman Assem Jihad told selfnews. 'We took this decision following the country's recent decision to grant licences to foreign companies. The Middle Oil Company will supervise the new developments.' A consortium of Russia's Gazprom (30 percent), Turkey's TPAO (7.5 percent), South Korea's Kogas (22.5 percent) and Malaysia's Petronas (15 percent) signed a deal to develop the 109-million-barrel Badra field, southeast of Baghdad, last month. The state-owned Iraqi Oil Exploration Company, which will be managed by the soon to be formed Middle Oil Company, has a 25 percent stake in the deal. The Middle Oil Company will also be responsible for managing oilfields in Anbar, Babil, Diyala, Diwaniyah, Karbala and Wasit provinces, according to the ministry. Iraq has the world's third largest oil reserves, behind only Saudi Arabia and Iran, with an estimated 115 billion barrels. Oil sales provide 85 percent of government revenues. 