Iraqi explorers plan to ride oil sector expansion wave
The head of Iraq's Oil Exploration Company is looking to partner with foreign firms to play a major role in the country's oil development.
Karim Hattab Jaafar, the newly nominated deputy oil minister for upstream, in his office at the Oil Exploration Company, June 3, 2010. (BEN LANDO/Iraq Oil Report)
BAGHDAD - The state-run Oil Exploration Company (OEC), an arm of the Ministry of Oil, wants to lead the rush into Iraq's mostly underdeveloped natural gas reserves. It’s already working on a variety of projects, and is looking to partner with more foreign firms.
"The lack of funding for OEC from the Ministry of Oil, which is part of the general situation in Iraq, has resulted in a delay in drilling, exploration and delineation of wells to add more reserves for the country," said Karim Hattab Jaafar, the director general of the OEC.
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