JAPEX, Petronas to develop Iraq oil field

Japan Petroleum Exploration Co., (JAPEX) and Malaysia's state-run oil firm, Petronas have jointly signed a final contract to develop an oil field in southern Iraq, KUNA has reported. The two firms had been awarded the contract to develop the Gharaf oil field in an international auction held in Baghdad last month. Located, 85 km north of Nasiriyah, the oil field has an estimated reserve of over 800 million barrels, JAPEX said. Under the agreement, renewable for five years, JAPEX will acquire a 30% share and Petronas a 45% stake respectively, while Iraq's South Oil Co. will hold the remaining 25% stake in the field.