BP ready to take Iraq oil, gas opportunities

By Simon Webb

DUBAI (Reuters) - BP is ready to compete for the opportunities that arise in Iraq's oil and gas sector once the country passes its oil and gas law, a senior executive said on Sunday.

Iraq's parliament has yet to debate the controversial oil law, but was expected to consider it this month. Washington has pushed Iraq for months to speed up passage of the oil law, which is among legislation it sees as pivotal to reconciling warring Iraqis and attracting foreign investment.

"We've studied all of Iraq and absolutely have a view on which are the relatively good looking prospects," Steve Peacock, president of BP's Middle East and South Asia Exploration and Production unit, told Reuters on the sidelines of a conference in Dubai.

"Whether it turns out to be a licensing round or some other form of offering, we're ready."

Iraq's oil minister said last month the government hopes to call an open tender to develop its oilfields as early as this month if the law was passed. Developing the oil sector and boosting export revenues are key to reconstructing the country's shattered economy.

The contracts and terms that Iraq may offer oil companies to work on its prized oilfields have yet to be defined.

The type of contract was much less important than ensuring the terms were attractive for both the oil company and the government, Peacock said.

"There are many forms of contract that can find that sweet spot in the middle," Peacock said.