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Iraq Allows Private Sector to Play Bigger Role in Oil Exploitation
The Iraqi Oil Ministry said on Thursday that it has drawn up a blueprint to allow the private sector to be more involved in oil exploitation, including digging of oil wells.
The Oil Ministry wanted the private sector to play a bigger role in the process of localizing the country's oil industry, especially in oil exploration, maintenance and the laying of oil pipelines, a statement issued by the ministry said.
The plan is aimed at allowing the private sector to undertake the vital projects, instead of clinching contracts with foreign companies, to boost its expertise, the statement added.
Iraqi President Saddam Hussein met with Oil Minister Amir Muhammad Rashid last month and called for full cooperation with the private sector by granting it all necessary facilities to enable it to manufacture equipment and spare parts needed in oil development.
Iraq's proven oil reserves are estimated at 115 billion barrels, ranking second in the world after Saudi Arabia in terms of proven oil reserves.
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