The Iraqi Oil Ministry reiterated that the country was still on track to achieve a crude oil production target of 6.5 million bpd by 2014 despite a recent IMF report arguing that Iraq will see a lower output rise because of infrastructure challenges.
Lukoil which develops Iraq's West Qurna phase-2 oil field expects to begin production in 2013.
MB Group invested around US$240-US$250mn last year in order to acquire new equipment for oil services companies and to enhance crude oil production of Petrogas.
Iran has issued contracts worth US$2.6 billion to Khatam Al-Anbia, a company controlled by the Revolutionary Guards.
LUKOIL is looking into replacing its reserves over the medium term and is considering acquiring new assets to achieve this, including from the Middle East region.