IRAQ: Basra stages large oil and gas exhibition, with companies showcasing new technologies

Record ID: 343448

  • Title: IRAQ: Basra stages large oil and gas exhibition, with companies showcasing new technologies
  • Date: 29th November 2010
  • Summary: TRADE FAIR
  • Embargoed: 14th December 2010 12:00
  • Keywords:
  • Location: Iraq
  • Country: Iraq
  • Topics: Industry,Energy
  • Reuters ID: LVA7C9QPEWAG3QEPR4C3A98NHRVQ
  • Story Text: The southern oil city of Basra hosted on Thursday (November 25) a large international fair for oil and gas companies in a bid to attract business from the large companies contracted to maximise Iraq's vast energy potential.
    More than 250 oil and gas companies from 25 countries took part in the fair which lasted for four days.
    The Weatherford company's executive director in the Middle East, Ramzi al-Hareefi, said he hoped the fair gives his company a chance to sell its technologies to major firms looking to increase production levels.
    "This is the first fair to take place after the war on Iraq. Our participation came as we are now working to develop the oil fields in Iraq, in Maysan, Rumaila and other areas of Iraq, as well as seeing foreign companies enter Iraq to develop these fields, so we would like to give the companies a chance to get acquainted with the set up of our machines, our capabilities, equipment and engineering," he said.
    Iraq signed a series of development contracts with global oil companies after two bidding rounds last year in a bid to boost it crude production potential to Saudi Arabia's levels of 12 million barrels per day (bpd) from around 2.5 million bpd now.
    The oil ministry spokesman Assem Jihad said the participation of such a big number of Arab and international companies was a sign of normality returning to the country after years of violence.
    "The participation of 250 local, Arab and foreign companies is a good message showing that Iraq is a country which is ready to receive international companies. The keenness of these companies is good evidence to show that they are all looking for oil contracts and other cooperation with the oil ministry."
    Iraq flares 1 billion cubic feet of gas every day at its oil fields -- energy it needs to harness to generate electricity in a country suffering from chronic power blackouts more than seven years after the U.S.-led invasion.
    Iraqi politicians have been jockeying for positions in a new government since an election in March that failed to produce a clear winner. Two weeks ago the squabbling factions reached a power-sharing deal and on Thursday Prime Minister Nuri al-Maliki was given 30 days to pick a new cabinet.
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