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Kuwait Energy-led consortium inks oil block exploration deal with Iraq

MENAFN - - 16/07/2012


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(MENAFN) Kuwait Energy stated that it inked an oil block exploration and development agreement with the Iraqi government, reported Reuters.

The deal gives the consortium, which includes the Kuwaiti firm, Turkey's national oil company TPAO and Dragon Oil PLC, the rights to explore oil block 9.

Kuwait Energy will be the operator of the block and will hold 40 percent working interest, whereas each of the other two companies will hold a 30-percent interest.

The consortium was granted a 5-year exploration phase to estimate the quantity of the oil in the block, and if exploration is successful, the group can submit an application to the Iraqi government to resume development over a 20-year period.

It is worth noting that oil block 9 is located in Basra province, and spans over a 900 square km area.

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