Team Infidel
Forum Spin Doctor
Media: The Associated Press
Byline: By JIM KRANE
Date: 10 September 2006
ABU DHABI, United Arab Emirates_Iraq's best chance to boost its languishing
oil output is by working with major international companies under
production-sharing agreements, Iraq's deputy prime minister said on Sunday.
Barham Saleh said that Iraqi leaders were nearing agreement on a
long-awaited hydrocarbon law that would allow potentially huge investments
by foreign companies in Iraq's oil sector.
Saleh said he expected the law setting ground rules for managing Iraq's huge
petroleum reserves would be approved in parliament by year's end.
Foreign oil companies, with their huge investment clout and latest
technology, were best placed to quickly modernize Iraq's oil sector and
double the current crude production of 2.5 million barrels per day by 2010,
the deputy prime minister said.
"We need to engage with the major oil companies who will bring in investment
as well as technology," Saleh told reporters on the sidelines of a
conference of international donors in the Emirates capital Abu Dhabi. "We
need to change the way we run the oil sector in Iraq."
The lack of a legal framework governing investments and ownership of the
country's oil resources has hampered foreign investment in the sector.
Byline: By JIM KRANE
Date: 10 September 2006
ABU DHABI, United Arab Emirates_Iraq's best chance to boost its languishing
oil output is by working with major international companies under
production-sharing agreements, Iraq's deputy prime minister said on Sunday.
Barham Saleh said that Iraqi leaders were nearing agreement on a
long-awaited hydrocarbon law that would allow potentially huge investments
by foreign companies in Iraq's oil sector.
Saleh said he expected the law setting ground rules for managing Iraq's huge
petroleum reserves would be approved in parliament by year's end.
Foreign oil companies, with their huge investment clout and latest
technology, were best placed to quickly modernize Iraq's oil sector and
double the current crude production of 2.5 million barrels per day by 2010,
the deputy prime minister said.
"We need to engage with the major oil companies who will bring in investment
as well as technology," Saleh told reporters on the sidelines of a
conference of international donors in the Emirates capital Abu Dhabi. "We
need to change the way we run the oil sector in Iraq."
The lack of a legal framework governing investments and ownership of the
country's oil resources has hampered foreign investment in the sector.