A new initiative to help north-east energy companies explore business opportunities in Iraq has been announced by Aberdeen City Council.
Upper Quartile, an Edinburgh economic development consultancy, will manage the programme, which will target the oil and gas sector, academic institutions and other contractors.
Seminars will be held over the coming months to inform firms of the economic, political and security issues they need to consider before developing a presence in Iraq.
Companies can attend meetings with Upper Quartile’s experts and get the chance to meet key officials from Scotland and Iraq.
Iraq produces 2million barrels of oil per day and aims to increase to 12million within seven years to propel them to second place among the world’s oil-producing nations.
Capital spending in oil field services this year is estimated to be five times that of Saudi Arabia, Bahrain, the United Arab Emirates, Oman, Qatar and Kuwait combined. Aberdeen City Council enterprise, planning and infrastructure director Gordon McIntosh said: “Aberdeen-based companies have a long history of innovation in the oil and gas business and of developing oil and gas production abroad.
“Their unrivalled experience, coupled with committed investment, can play an important part in rebuilding an economy and offer profitable medium to long-term business opportunities.”
Gavin Jones, co-founder and managing director of Upper Quartile, said: “Iraq possesses vast hydrocarbon reserves, but it lacks the infrastructure and expertise to support large-scale commercial extraction and export. It is an ideal time for established Scottish firms to use their skills to help unlock the country’s enormous potential.”