Kuwait Energy, the Dublin-listed Dragon Oil and the Turkish Petroleum Corporation (TPAO) have been awarded an exploration, development and production contract (EDPSC) contract for Block 9 in Iraq.
The block is located in the Basra Province in southern Iraq and the acreage is exploration only, it has not got any proved reserves of oil or gas.
The consortium offered Iraq $6.24 per barrel of oil equivalent found with no stipulated plateau production target. Exploration will be carried out over a five-year period and if successful the consortium will make an application for a 20-year development license.
Kuwait Energy has a 40 per cent share of the block with Dragon Oil and TPAO each owning 30 per cent.