By John Lee.
Pakistan Petroleum Limited (PPL) has started development and exploration of gas Block 8, according to a report from Pakistan Today.
Iraq signed the final contract with the company in November, giving it the right to explore an area of 6,000 sq km in the Diyala and Wassit provinces in eastern Iraq.
PPL won the service contract in the 4th energy licensing round, with a bid of $5.38 per barrel of oil.
The Pakistani ambassador to Iraq, Shah M. Jamal (pictured), said the contract paved the way for Pakistani investment of approximately $100 million in development of the gas fields and export of Pakistani skilled and unskilled manpower to Iraq oil sector. He added there are bright prospects for other Pakistan companies to come to Iraq.
He said there are bright prospects for other Pakistan companies to come to Iraq for finding investment opportunities and to develop more and more economic collaboration between the two countries. The Iraqi government has already assured its all-out support to Pakistani entrepreneurs for undertaking joint ventures with their Iraqi counterparts.
(Source: Pakistan Today)