Conditions in Iraq and Ghana improve for Petrel Resources

Irish oil and gas explorer Petrel Resources has informed shareholders at Monday's AGM of an improvement in the geopolitical situations in Ghana and Iraq where the company has interests.

The company held its annual general meeting on Monday, and said in a statement afterwards that all resolutions had been passed.

“Progress has been made in Ghana,” it said. “The newly elected government is pursuing reforms to improve governance and expedite exploration. The Ghanaian ministry of energy has shown goodwill and renewed commitment to conclude an agreement.”

On Iraq, Petrel said security on the ground had improved, which would facilitate its work there.

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“After years of security and governance challenges, Iraq is may be opening up to foreign investment and technology,” it said.

“Security challenges made work impractical in western and northwestern regions, which was exacerbated by harsh fiscal terms. Though financial and other risks are large, so are the opportunities.

"Iraqi oil production had crept up to 4.65 million barrels of oil daily by the November 2016 Opec deal, and theoretically could rival Saudi Arabia's crude exports of over 10 million barrels."