International oil and gas exploration, development and production company Dragon Oil announced Monday that the Iraqi Ministry of Oil and the Tender Committee has signed the final service contract with a consortium of companies, including Dragon Oil, for the exploration, development and production for Block 9 in Iraq.
Following a joint bid with Kuwait Energy, the two firms will split the block (Dragon 30%) between then, with Kuwait as the operator over a five year period. If in this time frame the block is found to be commercial, the consortium will automatically become eligible for 20-year development and production phases, extendible by a further five years.
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