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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Iraq appeals for foreign oil expertise By SINAN SALAHEDDIN,Associated Press Writer AP - Saturday, February 28 BAGHDAD - Iraq's prime minister appealed Friday for foreign expertise to develop his country's oil industry, which has suffered from decades of war, negligence and insurgent attacks. ADVERTISEMENT Nouri al-Maliki said the country needed a review of its oil policy and a legal environment that would encourage investment from international oil companies. "We are in dire need of your expertise and proposals," al-Maliki told Iraqi and foreign oil experts at a conference to discuss Iraq's oil policy. "We are in a race against time and every day that passes while the oil industry is idled, we lose an opportunity for development." Al-Maliki decried the fact that Iraq's oil and gas revenues effectively have become the country's sole source of revenue and the backbone of its economy. The industrial and agricultural sectors suffered under Saddam Hussein's regime and the insurgency that followed its collapse. "Now because we depend only on one source, we have no options but to increase our oil production and exports to achieve development in other sectors," he said, adding that short-term and long-term plans are needed to increase production. The government is scrambling as Iraq has been hit hard by plummeting oil prices, which have dropped from a summertime high of about $150 a barrel to under $45 per barrel. Oil revenues account for more than 90 percent of Iraq's budget. Iraq was forced to slash its 2009 budget twice _ first from $79 billion to $68.6 billion and then to $64 billion. The parliament has yet to approve the budget because it is still considering further cuts. Iraq's Deputy Prime Minister Barham Saleh also warned about the problems facing the country's oil industry, expressing concerns over plummeting oil prices. "It is time to make a wide-ranging review of our oil policy," Saleh told the opening session of the three-day conference. "We should not stay motionless, doing nothing." Iraqi Oil Minister Hussain al-Shahristani said his ministry is planning to add more than 300,000 barrels a day to the current production of about 2.4 million barrels per day by the end of 2010. Iraq's current exports average around 1.9 million barrels per day and the ministry hopes to export 2 million barrels per day in 2009. The country, which sits on the world's third-largest oil reserves with at least 115 billion barrels, was producing more than 3 million barrels per day before the U.S.-led invasion in 2003. An oil and gas law has been held up for months over disputes between the Kurds and the Arab-dominated central government over the level of regional control of oil resources. Iraq recently offered 19 oil and gas fields to international companies for development in two major bidding rounds. The contracts, which are scheduled to be awarded later this year, are designed to add 4 to 4.5 million barrels a day to its current daily production over the next four to six years. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World US will not take part in UN racism conference: officialsAFP - 2 hours 3 minutes ago Activists warn US lawmakers of uranium mining perilsAFP - 2 hours 23 minutes ago Argentine farmers wary over reported grain measureAP - 2 hours 41 minutes ago Today in History - Feb. 28AP - 2 hours 44 minutes ago French film honors Hoffman, PennAP - Saturday, February 28 Most Popular – World Viewed RBS posts record British loss, offloads toxic assets Obama drives reform with 3.55-trillion-dollar budget Supermodel Bundchen ties knot with football star Brady Citigroup, US Treasury reach deal on government stake Japan faces deepening recession View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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