Petrel reports no 'hostility' in third Iraqi oil tender
Irish oil and gas exploration company Petrel is to accelerate its Iraqi activities with the submission of its third tender to the Iraqi Ministry of Oil.
These tenders relate to the development of three existing oilfields.
The Ministry's budgets have been approved and the funding for the first phases of the work is already in place.
At present, theses funds are for cash contracts, though a future sovereign government may convert them to risk-sharing arrangements, Petrel said in a statement today.
David Horgan, Managing Director of Petrel Resources plc, said today: "The end of sanctions opens up the Iraqi oil opportunity, yet the majors are standing off.
"Petrel aims to fill the gap, in partnership with world class suppliers. Though the general security situation is challenging, Petrel staff have encountered no hostility.
"We continue to be generously received by Iraqis of all sects, political views and positions.
"Technocrats and business contacts guide us on how to minimise hazards.
"The excellent professional managers grow in confidence and policy-making independence. Our Iraqi work is uninterrupted."
