World's Energy

09–18–2008 – BAGHDAD – AFP - Iraq asked Britain on Thursday for technical support in its oil industry, Prime Minister Nuri al-Maliki's office said. In talks with the visiting minister of state for energy, Malcolm Wicks, the premier also sought closer bilateral economic ties, including greater British investment, a statement said. "The prime minister invited British companies to invest and get involved in rebuilding projects and provide technical help in oil fields," it said. Maliki said his government was working on market stabilisation following an improvement in security in the troubled country. Wicks renewed Britain's support for Iraq and pledged to back efforts to improve security as well as reconstruction. His visit came nine days after Baghdad said it will form a gas venture with Royal Dutch Shell next month in a deal worth up to four billion dollars. Shell is set to become the first Western oil major to do a deal with Baghdad since the 2003 invasion. Iraq has the world's third-largest oil reserves. Its natural gas reserves are also huge and almost completely untapped. According to US-based industry report the Oil and Gas Journal, Iraq holds 112 trillion cubic feet (3.36 trillion cubic metres) of proven gas reserves, the world's 10th largest. Iraq's energy industry is in dire need of modern equipment and technology. Production facilities went into decline during the decade of crippling UN sanctions that followed the 1991 Gulf War, and instability since the 2003 invasion has prevented any major improvements.