SaraDinar
07-27-2006, 01:10 PM
Iraq Energy Minister meets with oil executives, discuss contracts
By: Aya Batrawy WASHINGTON, July 27 (KUNA) -- Iraqi Oil Minister Hussein Al-Shahristani met with oil executives to discuss possible joint ventures and a new hydrocarbon law that would regulate the critical energy sector throughout the country.
Al-Shahristani met with US Energy Secretary Samuel Bodman on Wednesday in a day of meetings at the US Energy Department that included representatives from oil companies such as ExxonMobil, Chevron, ConocoPhillips, Marathon, BP and Shell Oil.
Speaking to reporters after the meetings, Al-Shahristani said that oil company representatives offered their advice and assistance for plans on a hydrocarbon law that will be introduced to the Iraqi Parliament for voting at the end of this year. The law has been touted by Bodman as a way for Iraq to attract 20 billion dollars in foreign investment that is needed to increase Iraqi oil production. Moreover, the hydrocarbon law is expected to impact the worlds oil market by improving confidence in Iraqs energy sector. Although Al-Shahristani told reporters that Iraq has not negotiated joint ventures with companies to begin work in specific oil fields, he said that some contracts could be signed before the hydrocarbon law is voted on by parliament.
Iraq, which is currently producing 1.9 million barrels of oil per day, hopes to boost production to three million barrels per day by the end of the year, said Al-Shahristani.
The oil minister ambitiously projected that Iraq could produce up to 4.5 million barrels per day in the next five years and that it could be the second largest producer of oil in fifteen years.
http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=890780
By: Aya Batrawy WASHINGTON, July 27 (KUNA) -- Iraqi Oil Minister Hussein Al-Shahristani met with oil executives to discuss possible joint ventures and a new hydrocarbon law that would regulate the critical energy sector throughout the country.
Al-Shahristani met with US Energy Secretary Samuel Bodman on Wednesday in a day of meetings at the US Energy Department that included representatives from oil companies such as ExxonMobil, Chevron, ConocoPhillips, Marathon, BP and Shell Oil.
Speaking to reporters after the meetings, Al-Shahristani said that oil company representatives offered their advice and assistance for plans on a hydrocarbon law that will be introduced to the Iraqi Parliament for voting at the end of this year. The law has been touted by Bodman as a way for Iraq to attract 20 billion dollars in foreign investment that is needed to increase Iraqi oil production. Moreover, the hydrocarbon law is expected to impact the worlds oil market by improving confidence in Iraqs energy sector. Although Al-Shahristani told reporters that Iraq has not negotiated joint ventures with companies to begin work in specific oil fields, he said that some contracts could be signed before the hydrocarbon law is voted on by parliament.
Iraq, which is currently producing 1.9 million barrels of oil per day, hopes to boost production to three million barrels per day by the end of the year, said Al-Shahristani.
The oil minister ambitiously projected that Iraq could produce up to 4.5 million barrels per day in the next five years and that it could be the second largest producer of oil in fifteen years.
http://www.kuna.net.kw/home/Story.aspx?Language=en&DSNO=890780