Iraq will be the key player in international oil politics over the next two decades, the countrys top government official for the energy sector said last week.

Mott MacDonald’s director of oil, gas and petrochemicals, Azfar Shaukat, told attendees at the recent Iraq Petroleum Conference of great potential in the oil and gas sector, but warned companies they will have to be patient until significant investment is found.

Halliburton announced strong second quarter results which saw profits and revenues jump on the back of big growth in the North American market.

The National Iranian Oil Company (NIOC) will offer 600,000 barrels of heavy crude oil for sale on the Iran Mercantile Exchange making it the first such sale through the offshore oil and commodities market.