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Iraq Signs 3 Initial Contracts to Develop Exploration Blocks

Source: www.gulfoilandgas.com 6/5/2018, Location: Middle East

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By the presence of Mr. Jabbar Ali Al-Luiebi the minister of oil… the ministry of oil signed on 4 June three new initial contracts with two Chinese companies to develop and rehabilitate the borderline fields and exploration blocks.

Mr. Al-Luiebi said that the ministry of oil signed these contracts at Monday, in addition to another three contracts which was signed the day before, with an Emirati company. And the ministry has ambitious plans to develop these borderline fields and exploration blocks. The rest 5 borderline fields will be developed soon. And these six fields are expected to produce (500,000) barrels/ day in the future.

Mr. Al-Luiebi said also that the ministry hopes from the companies which signed the six contracts to make the appropriate plans to develop and raise the production according to the determined time table in the contracts. In addition to the execution of the service projects in the near zones to the fields and the exploration blocks. The companies must also depend 95% on the national employment. He said also that these contracts does not conflict with the work of the associated committees with the neighbor countries which are related with the borderline associated fields.

Mr. Abd Al-Mahdi Al-Ameedi the director general of the petroleum contracts & licensing directorate said that the ministry of oil signed two contracts with (GEO-JADE) Chinese Company to develop and rehabilitate the exploration blocks which are (Naft Khana in Diala governorate) and (Howaiza in Maysan governorate) in addition to the signature of a contract with (UEG) Chinese Company to develop the exploration block of the (Sindbad) fields in Basrah governorate. He said also that the ministry of oil is going to send the six contracts to the energy committee in the Cabinet for the ratification.

Mr. Henry Su the representative of (GEO-JADE) Company was happy for the partnership with the ministry of oil and said that his company is going to work hard to commit with the chapters of the contract to achieve the mutual benefit.

Mr. Shang Wi the representative of (UEG) Company said: “we are glad to sign the contract”, and said also that his company is aiming to develop the work relations with the ministry.

The ceremony of the signature was attended by the deputies of the minister for extraction, refining and distribution. In addition to many directors general and responsible officials from the ministry and the inspector general office and the media.

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