Iraq is seeking to bring foreign investors into the oil and natural gas sectors in order to “manage the hydrocarbon resources and exploit them as best as possible” it was announced in a statement from the oil ministry.
A new council was formed to oversee this venture. The Higher Oil and Gas Council will solicit proposals for resource development and strategic marketing from foreign companies.
The council will play a significant role in Iraq’s recovery with the allocation of its highly sought fields to the major oil producers currently biddiing.
Prime Minister Iyad Allawi, appointed himself as the head of the council.
Allocation is expected to begin after the elections, and the council will focus currently on reconstruction and repair.