Kuwait Energy Co., Dubai-based Dragon Oil Plc (DGO) and Turkiye Petrolleri AO 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 percent. Turkiye Petrolleri and Dragon Oil will each have 30 percent.
The service contract is one of three that the Iraqi Oil Ministry awarded at the auction. Pakistan Petroleum Ltd. (PPL) signed an agreement yesterday to begin searching for natural gas in Block 8 in eastern Iraq. Russia’s OAO Lukoil and Inpex Corp. (1605) of Japan are due to sign an agreement tomorrow 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.
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