BIG WAVE
06-12-2006, 03:10 PM
AMMAN -(Dow Jones)- Iraq has resumed pumping crude oil from northern oil fields in Kirkuk to the Turkish port of Ceyhan after an interruption of more than four months, Iraqi Oil Minister Hussein al-Shahristani said Sunday.
"The larger northern export pipeline was operated yesterday (Saturday)," Shahristani told Dow Jones Newswires, in an interview on the sidelines of a meeting on Iraq held by the International Monetary Fund in Amman.
"We have tested the pipeline and it is operational," he said.
He said a four-year plan aims to increase production to 4.3 million b/d by the end of 2010 and to 6 million b/d by the end of 2012.
Foreign Investment in Iraqi oil sector welcomed Shahristani said his ministry expects to start contract talks with international oil companies during 2006.
"We hope that before the end of this year, negotiations with international oil companies would start, to develop Iraq's oil fields," he said.
He said about $20 billion in investment is needed in Iraq's oil sector over the next six years.
"A lot of companies have told us that they are ready to start investment, but we are waiting for the enactment of a new oil and gas law," Shahristani said.
The ministry is writing a draft oil and gas law, he said. "Such a law needs to be ratified by the parliament. We hope that the law would be enacted by the end of this year."
http://news.morningstar.com/news/DJ/M06/D12/200606120715DOWJONESDJONLINE000178.html
"The larger northern export pipeline was operated yesterday (Saturday)," Shahristani told Dow Jones Newswires, in an interview on the sidelines of a meeting on Iraq held by the International Monetary Fund in Amman.
"We have tested the pipeline and it is operational," he said.
He said a four-year plan aims to increase production to 4.3 million b/d by the end of 2010 and to 6 million b/d by the end of 2012.
Foreign Investment in Iraqi oil sector welcomed Shahristani said his ministry expects to start contract talks with international oil companies during 2006.
"We hope that before the end of this year, negotiations with international oil companies would start, to develop Iraq's oil fields," he said.
He said about $20 billion in investment is needed in Iraq's oil sector over the next six years.
"A lot of companies have told us that they are ready to start investment, but we are waiting for the enactment of a new oil and gas law," Shahristani said.
The ministry is writing a draft oil and gas law, he said. "Such a law needs to be ratified by the parliament. We hope that the law would be enacted by the end of this year."
http://news.morningstar.com/news/DJ/M06/D12/200606120715DOWJONESDJONLINE000178.html