IEA laying groundwork for Iraq study

May 14, 2012 at 8:50 AM

ISTANBUL, Turkey, May 14 (UPI) -- International Energy Agency officials met with Iraqi delegates in Turkey in preparation for a special report on its energy sector.

The IEA said federal and regional Iraqi leaders attended the one-day workshop in Istanbul. The agency aims to take a comprehensive look at the Iraqi energy sector in preparation for a special report due out in October.

"The aim of the workshop, organized by the IEA with the support of the Turkish Ministry of Energy and Natural Resources, was to seek insights and information from high-level experts in industry, policy making and other relevant stakeholders in various parts of the world to exchange views on Iraqi energy perspectives," the IEA said in a statement.

Iraq aims to have a fourth international licensing round for oil and natural gas deposits this month.

Baghdad has said it has proven oil reserves of 143 billion barrels plus potential reserves of around 214 billion barrels. A production level of around 10 million barrels of oil per day is expected within the next six years, up from the roughly 3 million bpd currently.

Iraq's political situation is strained, however, and the country also lacks a comprehensive national law governing the oil sector.

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