News and Analysis
Iraq sets up new oil player
Iraq has launched a fourth state oil company, the Midland Oil Company - overseeing development of fields in the country's central belt.
February 12, 2010: The Midland Oil Company will join the North, South, and Maysan companies as the latest state-owned organisation tasked with boosting Iraq's oil production. "We decided to establish the Middle Oil Company which will be responsible for developing the oilfields in Baghdad and surrounding provinces," said ministry spokesman Assem Jihad.
The company, named Sharikat Naft Wasat, translates as Middle Oil Company in Arabic, but the oil ministry said it will be known as the Midland Oil Company in English. A previous Midland Oil Company existed under the rule of dictator Saddam Hussein, but it was amalgamated with the North Oil Company in the late 1980s.
The state-owned Iraqi Oil Exploration Company, which will be managed by the soon to be formed Midland Oil Company, has a 25% stake in the deal. The Midland Oil Company will also be responsible for managing oilfields in Anbar, Babil, Diyala, Diwaniyah, Karbala and Wasit provinces, according to the ministry. (Source: Upstreamonline)