Iraq inks deal with Kuwait Energy-led group for Block 9

7/16/2012

Iraq inks deal with Kuwait Energy-led group for Block 9

BY HASSAN HAFIDH

BAGHDAD -- Iraq's oil ministry Monday initialed a deal with Kuwait Energy-led group to explore for gas and oil at an exploration block in southern Iraq, an Iraqi oil ministry official said.

The initial contract was signed in Baghdad by head of the PCLD Abdul Mahdy al-Ameedi for Iraq and a senior executive for Kuwait Energy. The contract, however, is pending the approval of the government, the official said.

Kuwait Energy and its partners state-owned Turkish Petroleum Corp., or TPAO, and United Arab Emirates-based Dragon Oil were awarded Block 9 located in Basra near the Iranian border at the country's fourth bidding round held in May this year.

Baghdad signed Sunday a deal with Pakistan Petroleum to explore Block 8 located in Diyala and Wasit governorates in central Iraq. Russia's OAO Lukoil Holdings and its partners will sign Block 10 July 17.

Kuwait Energy has a 40% stake in the consortium, Dragon Oil, and Turkey's TPAO, have 30% each.

Dow Jones Newswires

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