Iraq Signs Energy Exploration Contracts

By John Lee.

Iraq signed the gas exploration contract with Pakistan Petroleum Ltd. (PPL) on Sunday for gas Block 8, which lies in the Diyala and Wassit provinces in the East of the country.

Meanwhile on Monday, a consortium led by Kuwait Energy signed the contract for oil Block 9, having bid fee of $6.24 a barrel in the fourth round energy auction at the end of May. Kuwait Energy will be the project’s operator, with a 40 percent share, while Turkiye Petrolleri and Dragon Oil will each have 30 percent.

Russia’s Lukoil and Japan's Inpex Corp. are due to sign an agreement on Tuesday for crude exploration rights in Block 10 in southern Iraq, for a fee of $5.99 a barrel. Lukoil will hold 60 percent, and Inpex the rest.

(Sources: Reuters, Bloomberg)

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