Uloum said that he does not forsee a new oil law until the election of the next parliament at the end of 2009.
The minister said the second Iraq oil and gas conference that the country needs US companies to help it reconstruct its shattered oil sector.
An Iraqi government committee made up of former oil ministers and oil executives has been reviewing policy and providing guidance for the sector’s development, Uloum said.
The committee has called for greater foreign investment and closer involvement of foreign players in the Iraqi energy sector to help maximize oil and gas production as soon as possible.
Uloum told delegates that while political and security concerns often have frightened foreign companies from operating in Iraq. He said that the situation is now improving.
“With regards to the political and security situation, Iraq in 2009 is very different than Iraq in 2005,” he said.
Wages have increased and unemployment has dropped in Iraq over the past few years, Uloum said.
