Petro bids for Iraqi oil rights

The National Oil and Gas Group (Petro Vietnam) has been short-listed to negotiate on the drilling rights to 11 Iraqi oil fields, said the country’s Ministry of Oil.

The nine potential investors were selected from 38 firms who submitted on December 31, 2008 including Rosneft and Tatneft from Russia, Kazakhstan’s KazMu-nai Gas, Petro Vietnam, Sonangol of Angola, Pakistan Petroleum, Japanese Jogmec, Oil India, and the Scottish company Cairn Energy. These investors will be invited to join the second round.

Iraq’s oil minister, Hussein al-Shahristani, said that Iraq is keen to have foreign investors involved in oil and gas exploration and drilling projects in order to increase the country’s total oil output to 2.5 million barrels a day.

At a press conference, held in Hanoi last Friday to review PetroVietnam’s business in the first quarter of this year, the Petro Vietnam’s chairman, Dinh La Thang said that the group needed investment capital of nearly about VND185 trillion (US$10.57 billion) during 2009-10 to explore for oil and gas both domestically and overseas.

VOV

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