Iraq Signs Initially a Contract to Rehabilitate the 12th Exploratory Area

abarrelfullabarrelfull wrote on 07 Aug 2012 19:13
Tags: iraq m-east pashnift premier upstream

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The Iraqi oil ministry signed initially a contract with the consortium of Pashnift Russian & Premier British to develop and rehabilitate the 12th exploratory area (8000 km2) which is located in Muthanna & Najaf governorates with carbonic prospects (oil) and this area is under the custody of South Oil Company, and it is worthy to mention that the consortium offered 5 USD for the single barrel, The same target of the oil ministry.

The spokesman of the oil ministry Mr. Assim jihad assured that the contracts signature was finished for 4 exploratory areas and will be certified by the council of ministers.

And said also that the consortium of Petrovietnam, Pashnift & Premier offered 9.85 USD for the single barrel during the 4th licensing round which was held at the end of May, and the price was higher than the target of the oil ministry, 5 USD. Then the coalition of Pashnift & Premiere offered to accept the price of the oil ministry and Petrovietnam did not accept the price to pull out from the contract which made Pashnift the operating company by 70% share and Premiere by 30% share of the contract.

As well as the oil ministry signed initially contracts to rehabilitate the 8, 9, and 10th exploratory areas in the middle of July.

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