Dragon Oil signs contract in Iraq
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.
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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