Iraq to lobby oil majors for investment

[Sporter]

"Iraq's God-given natural resources are huge and, if we can use and develop them properly, could put Iraq on the level of the richest countries in terms of income.

"They say Iraq has the second largest reserves in the world, but I think Iraq is really the first because there has been no exploration or investment for all these years."

Iraq has more than 112 billion barrels of proven reserves, second only to Saudi Arabia, but potential reserves could be double that given the lack of exploration in recent decades.

http://www.metimes.com/articles/normal.php?StoryID=20060523-084653-3850r

[BIG WAVE]

BAGHDAD (AFX) - New Iraqi Oil Minister Hussein Shahristani said that he will launch wide-ranging contacts with international oil companies to boost investment in the vital but battered sector.
"We will start contacts with the largest oil companies in the world who want to come in and work in Iraq and bring their technology and capital and sign, with our conditions, contracts to realise greater benefits for the Iraqi people," the minister said.

http://www.iii.co.uk/news/?type=afxnews&articleid=5652337&subject=economic&action=article