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Shell champs at Iraq bit

Upstreamonline.com
By Upstream staff

Anglo-Dutch supermajor Shell is ready to help Iraq boost oil production once that country’s government finalises a petroleum law covering big energy projects, the company’s boss Jeroen van der Veer said today.

“We are very much prepared to go back to Iraq,” Reuters quoted van der Veer saying at the Centre for Strategic & International Studies think tank in Washington DC.

But first, he said, Shell employees must be able to work safely in the country and a petroleum law must be passed.

“You have to know the rules of the game because you have to bring a lot of money to the country (to develop its oil),” he said. “We expect that the petroleum law, we hope that it is finally passed…during this year.”

The law would provide conditions for investment and international participation in Iraq’s oil and gas industry.

Iraq’s oil output averages almost 2.3 million barrels per day, but with enough investment, the country holds enough crude to double its production, according to some estimates.
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01 April 2008 21:13 GMT  | last updated: 01 April 2008 21:13 GMT

http://www.upstreamonline.com/live/article151497.ece

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