Without HCL , the second round of bidding will be a failure.
US urges Iraq to open up oilfields
Wire reports
The US ambassador to Iraq urged the government to open more oil fields to investors, saying the move, along with a hydrocarbons law, would be a “game changer” for the country and undercut terrorism.
“A market economy generating sustained economic growth and increased employment opportunities will weaken insurgent and extremist networks,” Christopher Hill told the House Foreign Affairs Committee today.
Hill, who was posted to Iraq in April, said it is time for the Iraqis to begin taking charge of their economic destiny.
He called the economy “a work in progress, beset by drought, inadequate reforms and falling oil prices earlier this year, which hurt the budget.”
As US forces pull out, the capabilities of the Iraqi government to secure the country and expand the economy are becoming a bigger focus of American efforts.
The Iraqi government needs to pursue a responsible fiscal policy, including negotiating a stand-by lending agreement with the International Monetary Fund and making changes needed to join the World Trade Organisation, Hill said.
“We can be helpful, but on the economy, the time has come for the Iraqis to step up to the plate,” he said, referring to the need to better mobilise the nation’s oil wealth.
A second round of bidding from international oil companies competing for access to develop oil fields is set for December and “needs to be a success,” Hill said.
http://www.upstreamonline.com/live/article187731.ece
US urges Iraq to open up oilfields
Wire reports
The US ambassador to Iraq urged the government to open more oil fields to investors, saying the move, along with a hydrocarbons law, would be a “game changer” for the country and undercut terrorism.
“A market economy generating sustained economic growth and increased employment opportunities will weaken insurgent and extremist networks,” Christopher Hill told the House Foreign Affairs Committee today.
Hill, who was posted to Iraq in April, said it is time for the Iraqis to begin taking charge of their economic destiny.
He called the economy “a work in progress, beset by drought, inadequate reforms and falling oil prices earlier this year, which hurt the budget.”
As US forces pull out, the capabilities of the Iraqi government to secure the country and expand the economy are becoming a bigger focus of American efforts.
The Iraqi government needs to pursue a responsible fiscal policy, including negotiating a stand-by lending agreement with the International Monetary Fund and making changes needed to join the World Trade Organisation, Hill said.
“We can be helpful, but on the economy, the time has come for the Iraqis to step up to the plate,” he said, referring to the need to better mobilise the nation’s oil wealth.
A second round of bidding from international oil companies competing for access to develop oil fields is set for December and “needs to be a success,” Hill said.
http://www.upstreamonline.com/live/article187731.ece