State authorities have paved the way for investment in the al-Mansoriya gas field in the Diala province of Iraq, three years ahead of schedule.
Speaking to Aswat al-Iraq, the province's adviser on investment affairs Rasim Ismail, confirmed that permissions for investment in the field have been granted, with investment due to commence by the end of this year.
He added that the project will provide the province with a stable, continuous supply of electricity, while it is also likely to bring employment to the area through investment in training and development.
Meanwhile, US vice-president Joe Biden has reportedly urged the Iraqi authorities to offer favourable terms to encourage foreign investment in the country's vast oil fields as the second round of bidding moves ahead.
Speaking anonymously to Agence France-Presse, a senior US official said that Mr Biden was making it clear that "the next round of bidding on oil concessions should be made on more generous terms".
Getenergy event for Iraq October 2009