Iraq's oil industry is ripe for investment, said Iraqi Deputy Oil Minister Ahmed Al Shamma. He invited regional and foreign firms to look into opportunities available in his country, calling the current period a new era for investment.
"There is a need to drill 200 new wells this year to maintain Iraq's 3.6 million barrels per day production of oil," Al Shamma was quoted as saying by <i>GDN</I>.
"There are also 13 storage tanks which need rehabilitation. Export facilities in the Gulf must also be upgraded and expanded. "Two gas fields are to be developed soon and they will be followed by two others later."
He was speaking at the opening of the 14th Middle East Oil & Gas Show and Conference (MEOS 2005) at the Bahrain International Exhibition Centre Saturday.
