Mon, 02 Jul 2012 01:09:16 CDT
Russian oil giant Bashneft has been awarded by the Iraqi government the rights to explore for oil in the south of the country after nearly one month of negotiations, bringing the total number of Russian companies with oil deals in Iraq to three, Reuters has reported. The 8,000-sq km block is in the southern provinces of Muthanna and Najaf. Bashneft and Vietnam's PetroVietnam were part of a consortium led by UK's Premier to bid for Block 12 in Iraq's fourth energy bidding round in May. The consortium rejected the government's proposed fee of $5 per barrel of oil equivalent as too low, but Bashneft last week said it accepted the $5 fee, said deputy director of the Oil Ministry's contracts department, Sabah al-Saidi.
Read full article at: ameinfo.com