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Oil Minister: Inviting international companies to explore, develop and produce new border patches with Iran and Kuwait

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Rocky


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Oil Minister: Inviting international companies to explore, develop and produce new border patches with Iran and Kuwait

2017/11/26 12:48
The Minister of Oil announced on Sunday that a promotional media conference will be held tomorrow to invite international companies to invest in and contribute to the exploration, development and production of nine border patches of hydrocarbon formations, one of them in the territorial waters.


Oil Minister Jabbar Ali Al-Allaibi said in a statement received by "Economy News" that "the ministry aims through this round to maximize production and reserves of oil and gas through the optimal investment of national wealth in cooperation with international companies in the development and production of these border patches with Kuwait and Iran."



"The ministry will announce the names of these patches in the provinces of Basra, Maysan, Muthanna, Wasit, Diyala and one in the territorial waters in southern Iraq," al-Allaibi said.


He pointed out that these contracts differ from the contracts of previous licensing rounds and that the ministry will adopt new models in agreement with companies wishing to invest according to the requirements of the national interest in the development of the oil and gas industry in the country and in such a way to ensure financial revenues.




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