Hydro signs cooperative agreement with Iraq

June 8, 2005, 14:30 CEST

Hydro and Iraq's Petroleum Ministry have signed a cooperative agreement. According to the agreement, Hydro will assist the Ministry by providing training, consultancy and technical studies.

Early this autumn, three teams of engineers will come to Norway to take part in a four-week long petroleum training programme that will focus on modern working methods and the use of software for multi-disciplinary teams.

As part of the agreement, Hydro will be given the opportunity to carry out studies of proven oil fields in Iraq that have not yet come on stream. A project team will be set up in Norway and Iraqi nationals will join the team.

Exciting opportunitles

"We are very pleased with this agreement, which will help position us for development contracts when the situation in the country has stabilized and the Iraqi authorities are ready to enter into suchlike. We also look upon the agreement as a opportunity to participate in the reconstruction of Iraq and help this country, with its plentiful resources, develop in the best possible way," says Kjetil Solbrække, head of International Business Development in the Oil & Energy business area in Hydro.

Following the agreement reached between Norway’s Ministry of Petroleum and Energy and the Iraqi Petroleum Ministry, an agreement has been signed regarding oil sector support between the Norwegian Petroleum Directorate and the Iraqi Ministry. Hydro and Statoil have been invited to take part in this work. The project’s scope is currently subject to discussion, though it will focus on Iraq’s drive to restore its standing as an oil producer and supplier.