Ministry of Oil and Kuwaiti group sign a contract for exploration in southern Iraq
Translation / Baghdadiya News / .. reported Agence France-Presse that the officials in the Iraqi energy sector have signed a contract to explore oil with a Kuwaiti and finalize the deal, which was changed to expel the Turkish company amid deteriorating relations with Ankara.
The contract was signed with Kuwait Energy Company Group and UAE-based Dragon Oil to explore the 900 miles in area believed to contain oil in southern Iraq near the Iranian border.
The agreement was signed by the Iraqi side, head of contracts and licenses in the Ministry of Oil Abdul Mahdi al-Amidi, the representative of the South Oil Company signed Hussein Musawi Kuwait Energy Company and Mark Sawyer for Emirati company Dragon Oil.
Under the contract, the Kuwaiti company will receive a 70% stake in UAE-based company will receive the remainder of the share of the project the two companies have agreed to be for them to pay a service fee of 6.24 dollars per barrel of oil extracted. Finished / 21
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