Iraq: Oil licence auctions not before 2007

The licence auctions for the rights to develop oilfields in Iraq are unlikely to be held before 2007, owing to persistent instability and violence, Royal Dutch Shell’s vice president for strategy suggested yesterday. “The oilfields represent more of a long-term opportunity”, John Mills said on the sidelines of a conference at the International Maritime Organization headquarters in London. “The question (in Iraq) is stability – we can only operate if there’s a guaranteed level of stability and we face a great deal of uncertainty there.”

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