Mrigadat confirmed his company had already started discussions with PetroVietnam and PetroChina to form a consortium that will be looking into opportunities in Iraq.

According to Mrigadat, PTTEP and its partners will be "open to whatever opportunities may be available in Iraq, from rehabilitating existing oil fields or looking for new potential in unexplored areas."

"We are keeping a keen eye on opportunities which may emerge in Iraq," he added. Mrigadat also confirmed that Iraq "is one of a number of Middle Eastern countries in which PTTEP is seeking to establish a presence to build up its global petroleum portfolio."

On the possible team-up with both PetroChina and PetroVietnam, Mrigadat explained that "bidding together with these Asian entities is more feasible than for PTTEP to team up with major Western oil firms as we share common cultural habits, vision and a sense of co-operation."