Time to talk: Hussain al-Shahristani
Iraq oil law in spotlight
Iraqi parliamentarians and experts will meet in the United Arab Emirates today to discuss the war-torn country's oil law that will give its regions the right to negotiate with international players on developing oilfields.
"This is one of a series of technical workshops that we are holding to discuss the oil and gas law," Iraqi Oil Minister Hussain al-Shahristani told Reuters as he entered the meeting in the emirate of Dubai.
Last night, an Iraqi official told reporters in Dubai that at least three ministers, including Shahristani, would be among some 60 Iraqi parliament members and oil experts attending the meeting.
Some of the technical experts lived in third countries and did not wish to travel to Iraq for security reasons.
In February Iraq's Cabinet endorsed a draft oil law, which is awaiting parliament's ratification, regulating how wealth from the country's vast oil reserves will be shared by its ethnic and sectarian groups.
The Opec member has the world's third-largest proven oil reserves and needs billions of dollars to revive its oil sector, which is crucial for rebuilding its shattered economy.
Shahristani said earlier this month that it was "achievable to pass the law within two months since all political parties are in favour".
The long-planned law will also restructure the Iraq National Oil Company as an independent holding firm and establish a Federal Council as a forum for national oil policy.
The world's top oil companies have been manoeuvring for years to win a stake in Iraq's prized oilfields, including Bin Umar, Majnoon, Nassiriyah, West Qurna and Ratawi, all located in the south of the country.
Iraq has said it was targeting oil production of more than 4 million barrels per day in 2011. A Reuters survey shows that it produced 1.97 million bpd in March, up from 1.89 million bpd in February.
Shahristani said in December that 2006 production averaged 2.3 million bpd.
Meanwhile, Reuters added that al-Shahristani said the Cabinet will present an oil law to parliament next week.