Japanese consortium, Oil Ministry to negotiate oilfield development

BAGHDAD / IraqiNews.com: The Iraqi minister of oil said that a decisive meeting will take place next week with the Japanese consortium that signed an initial contract to develop al-Nassiriya oilfield. Speaking to IraqiNews.com news agency, Minister Hussein al-Shahrestani cited delay in negotiations on the part of the Japanese consortium. A Japanese consortium comprising Nippon Oil, Inpex and JGC had won a bid to develop the oilfield. “The contract aimed to speed up the development of the oilfield. This EPC contract is different from those signed in the oil licensing rounds…,” the minister noted. EPC means the company is contracted to provide engineering, procurement and construction services. Iraq has oil reserves of over 120 billion barrels, nearly 11 percent of the world’s reserves. Nassiriya, the capital city of Thi-Qar province, lies 385 km south of Baghdad. SS (P) 2