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The move is seen as part of Ukraine's efforts to reinforce its army as soldiers struggle to hold positions against Russia
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3 firms sign Iraq oil deal
Kuwait Energy, Dubai-based Dragon Oil and Turkiye Petrolleri signed an agreement in Baghdad to explore for crude in southern Iraq along the Iranian border.
The companies won rights to explore Block 9 in a May auction, bidding a fee of $6.24 a barrel. Kuwait Energy will be the project’s operator, holding 40 per cent. Turkiye Petrolleri and Dragon Oil will each have 30 per cent.
The service contract is one of three that the Iraqi Oil Ministry awarded at the auction. Pakistan Petroleum signed an agreement on Sunday to begin searching for natural gas in Block 8 in eastern Iraq. Russia’s Lukoil and Inpex of Japan are due to sign an agreement today for crude exploration rights in Block 10 in southern Iraq, for a fee of $5.99 a barrel. Lukoil will hold 60 per cent, and Inpex the rest.
The auction on May 30 and 31 was for exploration of new sites, a first in three decades for Iraq, Abdul Mahdy Al Ameedi, director general of the Oil Ministry’s licencing department, said on Sunday. —
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