British Gas has declined to comment on reports it is set to become the first major western energy firm to invest in post-Saddam Iraq.
The oil and gas group is believed to have visited the war-torn country to examine exploration opportunities in the Kurdish-controlled north.
It is thought up to ten foreign firms will sign deals for work in the north by the end of the year.
Iraq has the world's largest oil reserves after Saudi Arabia, with the Kurdish-controlled north holding about a fifth of Iraq's total reserves.
Output could reach between five and six million barrels a day over the next two decades given new investment in infrastructure, analysts forecast.
But at present Iraq produces only around two million bdp, thanks to the country's poor security situation and unpredictable future deterring foreign businesses from investing in the country.
Moves from Iraq's semi-autonomous northern Kurdish region towards greater autonomy would be likely to make the region more attractive to investors, although control over the future of the key town of Kirkuk is yet to be fully decided upon.
A special committee group was established at Saturday's multilateral ambassador-level conference in Iraq to discuss the country's oil and energy situation.
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