Gulf Oil and Gas accountACCOUNT

Kuwait Energy Signs Contract with Iraq for Block 9

Source: www.gulfoilandgas.com 1/27/2013, Location: Middle East

A Kuwait Energy-led consortium and the Iraqi Ministry of Oil signed the final service contract for the exploration, development and production of Basra’s block 9.

Block 9, which spans over an 866 square kilometer area in the Basra province, was awarded to the consortium during Iraq’s fourth bidding round in May 2012.

The contract was signed on behalf of the Iraqi Ministry of Oil by the Deputy General of South Oil Company, Mr. Faisal Wadi, and from Kuwait Energy by Chief Executive Officer, Ms. Sara Akbar.

The Kuwait Energy-led consortium for block 9 includes Dragon Oil, an independent international oil and gas exploration, development and production company.

Kuwait Energy will be the operator of the block with a 70% working interest, while Dragon Oil will hold the remainder 30% working interest.

Sara Akbar said, On behalf of Kuwait Energy and our partner, we look forward to continue participating in the development of Iraq’s energy resources, and supporting the country’s endeavors towards the development of its energy sector.

As per the contract terms, potential hydrocarbons prospects will be assessed during the five-year exploration phase of the contract, eligible for a possible renewal for two years twice. In the case of a discovery, the Consortium will be automatically eligible for 20-year development and production phases, extendable by an additional five years.

This is the third block awarded to Kuwait Energy in Iraq. In Iraq’s third energy bidding round that was held in October 2010, Kuwait Energy was awarded two 20-year development contracts for the Siba and Mansuriya gas fields. Kuwait Energy holds a 60% working interests Siba gas field, operated by Kuwait Energy, and a 30% working interest in the TPAO-operated Mansuriya gas field.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects

Development News in Iraq >>

Russia >>  3/20/2019 - A ceremony was held today in the Yamal-Nenets Autonomous Area to mark the launch of full-scale development of the Kharasaveyskoye field. Attending the...
Indonesia >>  3/11/2019 - Coro Energy, the South East Asian focused exploration and production company, has announced that the Minister of Energy and Mineral Resources has appr...

Iran >>  3/8/2019 - POGC's CEO explained the work priorities of this company in the next Iranian calendar year (from March 20 on), saying that south pars phase 14, gas fi...
Mexico >>  3/7/2019 - The Field Development Plan for DEA’s operated oil field Ogarrio Onshore Mexico has been approved by the National Hydrocarbons Commission (CNH). ...

Mauritania >>  2/26/2019 - Golar LNG Limited announces that Gimi MS Corporation, a newly incorporated subsidiary of the Company, has entered into a 20-year Lease and Operate Agr...
Trinidad and Tobago >>  2/26/2019 - BP Trinidad and Tobago (BPTT) announced first gas production from its Angelin development. The project was delivered on time and under budget. ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.