Opinion | Editorials
Oil holds the key to Iraq's development
Whatever decisions are taken today should take into account the country's future needs.
- Gulf News
- Published: 00:08 July 2, 2008
The manner with which Iraq's oil is handled and dealt with today would determine how it is to be used in the future. Any steps taken today would define by how far and to what extent the nation's natural resource is to be utilised for building the country.
The Iraqi government has recently announced that it has unrolled the process for opening up the country's oil industry to foreign investment with the goal of increasing the output to meet a rising international demand.
The development of six major oil fields would enable Iraq to modernise these fields, which would increase the daily output from a total production of 2.5 million barrels per day to 2.9 million barrels per day by the end of next year.
"It is not possible for Iraq, which has large oil reserves, to stay at the current level of production. Iraq should be the second or third source of oil exploitation," said Iraq's Oil Minister Hussain Al Shahristani.
But beyond these ambitious future plans, it is critical to outline the goals of why the oil fields are being developed and for what purpose.
For one thing, the US-led invasion of Iraq has always been marred by speculations of America's secret quest to control a new source of oil supply rather than usher in democracy. Recent official statements also add to this suspicion.
The race for Iraqi oil should not be defined by narrow political agenda or greedy business plans. Instead, it should be dealt with as a national right of the Iraqi people to exploit and use it to their benefit - to build their country and allocate the generated wealth for future generations.
The Iraqi government holds the key responsibility to ensure that this is achieved when any oil transaction or deal takes place.
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