Tue, 17 Jul 2012 01:50:36 CDT
Iraq has signed a preliminary deal with a Kuwait-led consortium to explore for oil in the country's oil-rich south as the nation seeks to develop its vast natural resources, the Associated Press has reported. The deal was signed after Kuwait Energy and partners, Turkey's TPAO and the UAE's Dragon Oil won the rights last May to explore the 900 sq km Block 9 in the southern province of Basra in Iraq's fourth energy bidding round. The group will be paid $6.24 for each barrel of oil equivalent. It is one of four deals Iraq awarded in May's bidding round to search for oil and gas. Others will be signed this month, according to the Iraqi oil ministry.
Read full article at: ameinfo.com