Scotland business

Aberdeen seminar on Iraq oil opportunities

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Media captionAberdeen's oil industry is exporting skills and equipment to a growing number of countries

Aberdeen-based oil and gas firms are being encouraged to capitalise on Iraq's burgeoning energy sector.

About 15 service companies attended a free seminar in Aberdeen hosted by the city's local authority.

The event was organised by consultants Upper Quartile, which also owns the Iraq Business News.

It said Scottish-based firms could tap into business worth billions of pounds but warned it was a very competitive international market.

Upper Quartile managing director Gavin Jones said: "Over the next eight to 10 years, Iraq's capital expenditure will be bigger than for all the Gulf states and Saudi Arabia.

"The Iraq oil industry and infrastructure programmes they are running offer massive potential, however competition is on a global scale."

He added: "The UK has had first-mover advantage, which they are now losing. Companies need to understand the political, commercial and security picture."

The Opportunity Iraq Seminar was hosted by Aberdeen City Council's international trade and investment team.

Speakers included a company which currently supports foreign businesses operating in Iraq, a security firm which offers a risk management service and an oil and gas company which has already invested in the country.

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