Irish firm Petrel Resources said today it was committed to its programme of oil exploration in Iraq despite security problems.
John Teeling, Petrel executive chairman, said today that the Subba and Luhais field development is on schedule to come on stream in 2009. This field has a contract worth $197 million attached to it.
Mr Teeling said the company is also exploring the Merjan field, near Hillah, that could hold up to 750 million barrels of light crude.
Petrel is also working on the 10,000-square-kilometre Block 6 in Iraq's western desert. The company is waiting for the new hydrocarbon laws to be passed in Iraq to confirm its rights over Block 6.
Block 6 awaits the passing of the country's new hydrocarbon laws.
"Iraq is crucial to the world's energy future. The only questions are how and when the reserves will be developed," he said.
In the year ending December 31st, 2005, Petrel saw its net loss widen to €481,500 from €350,300 previously.