" foreign investment.Outside the Kurdish zone, Exxon Mobil and Shell are already developing one of Iraq's biggest oil fields, the 8.6 billion-barrel West Qurna Stage 1 field in southern Basra province. Exxon Mobil is also expected to lead a multibillion dollar project in Basra, a Shiite stronghold, that will help make available the water needed for oil development.Baghdad's oil policy is not a "long-term sustainable program that would attract foreign capital into Iraq," said Fadel Gheit, chief economist with Oppenheimer & Co.Although Iraq sits atop the world's fourth largest proven reserves of conventional crude, decades of sanctions, war, sabotage and negligence have battered the sector that generates about 95 percent of the government's foreign revenues. Iraq hopes to boost its output to 12 million barrels per day by 2017 from about 3 million a day now. Such a surge will only be possible with help from foreign majors.Despite its oil resources, electricity remai
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