Former Iraqi oil minister Ibrahim al-Oloum and US representative of Kurdistan Qubad Talabany have argued that the new opportunities available in Iraq should be seized by private oil firms.

Speaking following the confirmation of a deal to see Kurdish oil exported through national pipelines, the two men argued that companies now need to seize the opportunities available to them and tap Iraqi reserves, Reuters claims.

The first round of bidding for new oil contracts within Iraq is set to come to a close this summer, while a second round currently underway has shifted the focus to ongoing development within the country.

One contract for the development of the Nassiriya field will be awarded in the near future, while other field deals are set to follow, the news provider claims al-Oloum said.

Iraq is looking to open up its oil markets as part of an ongoing effort to increase revenues and promote continued training and development within the country.

Global Education and Training event: Getenergy for Iraq