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World / Middle East & Africa Print article | Email
Oil companies step up development talks
By Carola Hoyos in London
Published: September 29 2003 0:49 | Last Updated: September 29 2003 0:49

International oil companies are stepping up discussions over the development of Iraqi oil fields under Ibrahim Mohammed Bahar al-Uloum, the country's new oil minister, and Robert McKee, the US's newly-appointed lead adviser on oil matters there.

The US this month appointed Mr McKee, a former executive of ConocoPhillips, the US oil company, to take over from Philip Carroll as the US's most senior oil official for Iraq.

The move came just after Mr Bahar al-Uloum took up his post.

Several European oil companies have begun to study Iraq's fields. These include Total of France, which had discussed a deal for the Majnoon Bin Umar fields, and Italy's Eni, which before the fall of Saddam Hussein had eyed the Nassiryah field together with Repsol of Spain.

Royal Dutch/Shell has shown interest in the Ratawi field and sent out for commission a study on the opportunities in Iraq.

David O'Reilly, head of ChevronTexaco, the second largest US energy group, said in a recent interview with the FT that he expected much more dialogue between Iraq and the international oil companies in the coming months.

Pertamina, Indonesia's state oil company, has said it will begin to explore for oil south of Baghdad in October, investing $24m (?21m, £14.5m) over three years into one of the few deals signed under Mr Hussein that was ratified and remains valid, according to Iraqi oil officials.

Senior representatives of Iraq's oil sector are expected to outline the opportunities of rehabilitating Iraq's petroleum sector at a meeting in Geneva in late October.

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