FINANCIAL NEWS

Russian Bashneft secures oil contract in Iraq

02 Jul 2012

(MENAFN) The Iraqi government has awarded a contract to Russian oil firm Bashneft to explore for oil in the south of the country, Reuters reported.

Sabah Abdul-Kadhim, head of the legal sector at Iraq’s petroleum and contracts licensing directorate said that Baghdad gave Bashneft rights to explore at oil block 12 today after it accepted the oil ministry’s remuneration fee of USD5 per barrel of oil equivalent, with other conditions.

Last month, a group led by UK-based Premier Oil and Bashneft and Petro Vietnam rejected a government offer to develop block 12 in Iraq’s 4th energy bidding round.

Opec-member Iraq holds the world’s fourth-largest oil reserves and is expected to be a major source of future oil supplies.

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