AKnews reported that the Iraqi Oil Ministry is currently hosting the first official Oil and gas Conference in Iraq.

A wide range of national and international companies, researchers and investors take part in the 2 day conference that started yesterday in Basra.

Mr Kareem Abdul Hassan Alwan director of a not further specified Iraqi research and development center said that "The aim of this conference is to create a kind of partnership and cooperation between local and foreign parties as they are our partners in developing the oil industry. Iraqis are not only interested in investors they are also looking forward to learn more from international researchers and scientists.”

Mr Iqdam Mohammad Reza Hashem head of the Preparatory Committee of the Conference said that "Some of these researchers address the problems that hinder the work of the oil sector while others speak about internationally developed technologies and techniques that we haven't implemented yet."

Iraq has the world's fourth-largest oil reserves, an estimated amount of 140 billion barrels of crude and super giant oil fields like Rumaila with up to 17.8 billion barrels of crude. However, oil production in Iraq is still low. In 2009, Iraq produced 2.5 million barrels of oil per day.

According to previous announcements by the Iraqi government dating back to 2010, the oil production is supposed to rise up to 12 million barrels of oil per day in 2016. Therefore, Iraq urgently needs foreign investment.

(Sourced from AK News)