Summary
Iraq
Iraq has extended inviations to foreign oil companies for prospective oil production in 30 oilfields as soon as the UN removes its trade sanctions against the country. Iraq has a potential capacity of producing three million barrels per day and that unexplored oilfields may hold at least 214 billion barrels. The country needs $30 billion to upgrade the capacities of its oil industry. Companies that have expressed a commitment to developing oil fields include French firms Total and Elf Aquitaine.See the full content of this document
Extract
Opening up the oilfields.
Western oil officials attending a conference in Baghdad in March expressed keen interest in exploiting oil fields in Iraq once sanctions are lifted. Oil is flowing again, though the Iraqi government denies it is exporting crude in defiance of the UN embargo. Nonetheless, oil companies are lining up to take a share of the market.
Foreign oil company executives from 29 countries who attended an oil conference in Baghdad i...See the full content of this document
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