Shell ready to go to Iraq for oil
Shell has revealed that it is ready to boost oil production in Iraq once the country has finalised its petroleum laws.
The chief executive officer of Shell, Jeroen van der Veer, told the Center for Strategic and International Studies: “We are very much prepared to go back to Iraq”, reported Reuters.
However, he said that the safety of his staff was important and that they must be able to work without danger.
“You have to know the rules of the game because you have to bring a lot of money to the country. We expect that the petroleum law, we hope that it is finally passed…during this year,” he added.
The news organisation said that Iraq has the third largest oil reserves in the world, with some of the cheapest extraction costs.
Mr van der Veer recently said that he expected easy-to-produce oil and gas to peak on the next ten years.
Source: Cripps Sears & Partners Ltd