Kuwait Energy-led consortium signs contract with Iraq to start exploration and development of 'block 9' in Basra, Iraq
- Iraq: Sunday, January 27 - 2013 at 17:30
- PRESS RELEASE
Kuwait Energy-led consortium and the Iraqi Ministry of Oil signed the final service contract for the exploration, development and production of Basrafs 'block 9'. 'Block 9', which spans over an 866 square kilometer area in the Basra province, was awarded to the consortium during Iraqfs fourth bidding round in May 2012.
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, gOn behalf of Kuwait Energy and our partner, we look forward to continue participating in the development of Iraqfs energy resources, and supporting the countryfs endeavors towards the development of its energy sector.h
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 Iraqfs 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.
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