Iraq Initially Inks Block 9 Deal

Source: www.gulfoilandgas.com 7/16/2012, Location: Middle East

Dragon Oil plc, an international oil and gas exploration, development and production company, announces that the Iraqi Ministry of Oil and a consortium of companies, including Dragon Oil, initialled the exploration, development and production service contract (EDPSC) for Block 9 in Iraq. This is the first step in a formal process before the signing of the final contract, which is anticipated later this year.

Dragon Oil bid jointly with Kuwait Energy and the Turkish Petroleum Corporation (TPAO), the national oil company of Turkey, in respect of Block 9. Kuwait Energy will be the operator in the EDPSC for Block 9, participating with a 40% contractor share, with TPAO having 30% and Dragon Oil 30%. Block 9 is located in the Basra province and covers an area of 900km2. If Block 9 is found to be commercial during the five-year exploration period, the consortium may make an application to the Iraqi Government to develop the block over a 20-year development period.

The consortium's bid for Block 9 was awarded on the basis of a remuneration fee of US$ 6.24 per barrel of oil equivalent. Compared to the previous bid rounds in Iraq, there was no stipulated plateau production target for blocks awarded in this bid round.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, said: "I am pleased to announce the initialing of the service contract for Block 9 by the Iraqi Ministry of Oil and the Iraq Block 9 consortium, including Dragon Oil. This precedes the signing of the final contract anticipated later this year. This move into Iraq demonstrates our endeavour to diversify Dragon Oil's portfolio. It will also facilitate working with our consortium partners to bring success in the development of Iraq's hydrocarbon resources."


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