Iraq wants international oil companies to prove they can meet production deadlinesBy AP
Sunday, July 18, 2010
Iraq wants oil companies to develop 11 fields
BAGHDAD — Iraq’s oil minister is calling on international oil companies that won contracts to develop 11 oil and gas fields to show they are able to meet their obligations.
But Hussain al-Shahristani also stressed on Sunday that the oil companies will have Iraq’s full backing in overcoming the numerous obstacles they will face as they develop the fields to which they won rights during two earlier oil licensing rounds.
Al-Shahristani told international oil company representatives at a conference that implementing the contracts on time and under budget was the country’s “highest national priority.”
The minister has said he wants to raise output from 2.5 million barrels per day to 12 million barrels per day in six years.