New Iraq Oil Minister Faces Security Challenge, Kurdish Dispute
Some observers see this as a goodwill gesture, showing the new government of Prime Minister Haidar al-Abadi may be willing to resolve its row with Arbil over oil resources and revenues as a step towards boosting national output.
"The main challenge now for Iraq's oil sector is to achieve a common national policy along with the required supporting legislation to enable the massive investments needed to achieve the country's production potential," Majid Jafar, chief executive of the UAE's Crescent Petroleum, told Reuters.
In addition to his domestic political challenge, Abdul-Mehdi will need to deal with the foreign oil firms which Iraq needs to exploit its oil reserves.
"The industry definitely wants somebody who understands contractual negotiations and the technicality of the oil industry," Ciszuk said.
Abdul-Mehdi does not have an oil industry background, but he was finance minister in 2004-2005. His website says he has degrees in political science and political economy from France, and previously worked as an economist.
South
Iraq originally set an overall oil production capacity target of 12 million barrels per day by 2020, rivalling that of top oil exporter Saudi Arabia, after it signed service contracts in 2009-2010 to develop its giant southern oilfields.
Oil majors working in Iraq include BP, ExxonMobil , and Royal Dutch Shell. The southern oilfields remain under Baghdad's control and untouched by the violence.
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