Pakistan Petroleum Signs Contract for Block 8

By John Lee.

Iraq has signed a final contract with Pakistan Petroleum Limited (PPL), giving it the right to explore gas Block 8, covering an area of 6,000 sq km in the Diyala and Wassit provinces in eastern Iraq.

During the signing ceremony, Iraq's deputy oil minister, Ahmed al-Shamma, said "developing exploration block 8 could be very promising as a source of gas to feed the country's power plants in future and open the way for Iraq to be a major exporter".

"We are planning to spend a minimum of $100 million to start exploration activities and we might need additional $400 million as investments," Pakistan Petroleum chief executive Asim Khan (pictured) told reporters in Baghdad.

(Source: Reuters)

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