Dubai's Dragon Oil said it was joined by independent Kuwait Energy in receiving permission from Baghdad to start oil exploration work in Basra province.
The Iraqi Oil Ministry signed a final service contract for Dragon Oil and Kuwait Energy to work in Block 9, a 347-square-mile site in southern Basra.
The companies said they're eligible for a 20-year development project should Block 9 find commercial reserves during a five-year exploration period. Neither party gave a reserve expectation.
Dragon Oil, Kuwait Energy to work in Basra - UPI.com
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