U.S. Energy Secretary Samuel Bodman and Iraqui oil minister Hussein al-Shahristani met executives from oil companies in an effort to attract interest in Iraq's untapped oil and natural gas reserves.
The company's that were represented at the meeting include ExxonMobil Corp, Chevron Corp., Royal Dutch Shell PLC and Marathon Oil Co.
Al-Shahristani stated that he would like to sign contracts with major oilcompanies by the end of the year for partnerships aimed at opening up Iraq's resources to the world market.
The oil minister who is on an official visit to the U.S. said the preliminary meeting was to lay out the principles of the partnership and that Iraq is not in talks with any specific company yet though they would like to move fast and reach agreements before the hydrocarbon law is enacted.
The hydrocarbon law of the Iraqui Parliament is to set up the legal framework for energy sector investment.
He also stated that the country is working to increase its crude oil production from the present 2.5 million barrels a day to 3 million by the end of the year and to 4.5 million b/d in 4 years.
Meanwhile, Iraq's Minister of Electricity, who accompanied the oil minister to the States signed a Memoradum of Understanding with the U.S. Energy Deaprtment aimed at increasing cooperation on energy analysis and technology. The Iraqui Parliament is still to approve the agreement.
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