CNOOC Confirms Contract to Develop Iraq's Block 7

By John Lee.

The China National Offshore Oil Corporation (CNOOC) has announced that its wholly owned subsidiary, CNOOC Africa Holding Ltd., has entered into the Exploration, Development & Production Contract (EDPC) with Iraq's state-owned Midland Oil Company for Block 7.

It says the block is mainly located in Diwaniyah governorate, and covers an area of 6,300 square kilometers, adding:

"According to the terms of the contract, the first stage of the exploration period shall be 3 years. CNOOC Africa Holding Ltd. shall hold 100% interests and act as the operator."

Iraq's Ministry of Oil finalised contracts earlier this week for the "fifth-plus" and sixth oil licensing rounds with the successful companies, but the official statement did not mention CNOOC or Block 7.

Click here to find a comprehensive list of oil and gas fields under the control of the Ministry of Oil in Baghdad. This listing covers 67 fields, and has been updated with the results of this week's fifth-plus and sixth licensing rounds. Simply click on any field in the list to find more details.

(Source: CNOOC)