Shell moving closer to Iraq deal

Talks which could result in Royal Dutch Shell investing in the oil and gas industry in Iraq are progressing encouragingly, chief executive Jeroen van der Veer has intimated.

Talks which could result in Royal Dutch Shell investing in the oil and gas industry in Iraq are progressing encouragingly, chief executive Jeroen van der Veer has intimated.

Speaking at a press conference at the World Petroleum Congress, Mr Van der Veer suggested that a deal could be concluded in weeks rather than months, although when pushed he was unable to be more specific with the timeframe.

"I don't have a clue," he said, when asked to name a date.

Any potential contract would help Iraq's national company increase production, although it has yet to be decided how oil revenues will be divided, Reuters reports.

Mr Van der Veer said Shell was "very interested" in working in Iraq, although only given the right conditions - with areas of contention including the judicial system, the country's safety record and human rights.

Meanwhile, the chairman of Repsol says it would be months - rather than the weeks it will take Shell - before the Spanish oil country moves into Iraq.