Iraq could pass key legislation that would enable foreign participation in its oil sector by year-end, US Energy Secretary Sam Bodman said while visiting Baghdad.

Bodman said he met Iraq energy officials and “they are giving me indications that they believe that it will occur before the end of this year”.
The new hydrocarbon law would lay down key terms for foreign investment in Iraq’s energy sector. Iraq needs up to $20 billion in investment to boost its oil production to 6 million barrels per day.
Bodman, citing Iraq officials, said oil production could rise above 2.5 million barrels per day in six months and hit 3 million bpd by year’s end.
Bodman visited Iraq energy officials in Baghdad and “they’re talking here about maybe getting up to 3 million barrels per day at year’s end,” Bodman said. “That might be somewhat optimistic.”
Iraqi officials indicated production could hit 2.5 million bpd in 6 months, Bodman said.