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FINANCIAL NEWS
Pakistan Petroleum to explore gas in Iraq
15 Jul 2012
(MENAFN) Iraq has inked an initial contract with Pakistan Petroleum to explore gas in the oil-rich country, reported Reuters.
The contract is part of the Iraqi government’s plan to draw more international investments to enhance the country’s energy sector, which was damaged by years of war and sanctions.
Pakistan Petroleum will gain the right to explore gas block 8 in Diyala and Wasit provinces in the eastern part of the country.
Moreover, the Iraqi government will also ink an initial agreement with a consortium led by Kuwait Energy for oil block 9 on July 16, and another contract on July 17 with a group led by Russia’s Lukoil to explore oil block 10.
It is worth noting that Pakistan Petroleum, Kuwait Energy and Lukoil won their bids at Iraq’s fourth energy auction, which took place in May.
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