"We have already given them some data. The process of exchanging information and deciding on the best offers could take a year," a senior oil official told the Reuters news agency. "Of course, security will be a factor. We are meeting with the companies outside Iraq. Some have offices in Baghdad but they are mostly staffed with drivers," said the official, who declined to be named.
Interim Prime Minister Iyad Allawi has recommended use of the production sharing model to attract investment to the newly formed Oil and Gas Council, which is charting strategy for the sector, Iraqi Minister of Planning Mehdi Al-Hafedh said. "The oil policy will balance the need for foreign investment and Iraq's interests," Hafedh said.
