Gulf Oil and Gas accountACCOUNT

A Consortium of Kuwait Energy Awarded Block 9 Contract

Source: www.gulfoilandgas.com 5/30/2012, Location: Middle East

Share |
Kuwait Energy, one of the fastest growing independent oil and gas companies in the Middle East, announced that a consortium led by the company was awarded the exploration and development contract of “block 9” in Basra, Iraq. The announcement was made by the Iraqi Ministry of Oil and tender committee during the country’s fourth energy bidding round, which awarded exploration and development contracts for 12 blocks with hydrocarbons prospects.

Kuwait Energy led the consortium that bid for “block 9”, which also included the national oil company of Turkey, Turkish Petroleum Corporation (TPAO), and Dragon Oil, an independent international oil and gas exploration, development and production company. Kuwait Energy will be the operator of the block with a 40% working interest, while TPAO and Dragon Oil will each hold a 30% working interest.

“Block 9” covers a 900 km² area and is expected to hold oil prospects. Hydrocarbons, reserves and production will be determined during the exploration and development phase. If “block 9” is found to be commercial during the five-year exploration period, the consortium may make an application to the Iraqi government to develop the block over a 20-year development period.

This is the third block awarded to Kuwait Energy. In Iraq’s third bid round held in October 2010, Kuwait Energy was awarded two 20-year development contracts of the Siba and Mansuriya gas fields. Kuwait Energy is the operator of the Siba gas field with a 60% working interest, and holds a 30% working interest in Mansuriya gas field.

Kuwait Energy Executive Chairman, Dr. Manssour Aboukhamseen, said, “We thank the committee for their trust and confidence in Kuwait Energy. We look forward to commencing soon and to support Iraq’s endeavors to develop its energy sector. This is a new milestone for the company and we owe this win to our team.”

The consortium’s successful remuneration fee bid was USD6.24 per boe.

Forty-seven companies are participating in Iraq’s fourth energy bid round for 12 blocks. Bids for “block 9” were broadcasted live on Wednesday May 30.

Exploration News in Iraq >>

Norway >>  1/14/2018 - Norway’s Arctic region of Lofoten, Vesteraalen and Senja will remain off-limits to oil exploration at least until the next election for parliament, wh...
Italy >>  1/12/2018 - Prospex Oil and Gas Plc, the AIM quoted investment company, has been advised by the operator Po Valley Energy Limited ('PVE') that isochronal flow tes...

United States >>  1/11/2018 - BNK Petroleum has begun drilling the Glenn 16-2H well in the Company’s Tishomingo field with Power Rig #7. The Company has a 100% working interest in ...
Norway >>  1/4/2018 - An Oslo court approved Norway’s plans for more oil exploration in the Arctic on Thursday, dismissing a lawsuit by environmentalists who had said it vi...

United States >>  1/4/2018 - U.S. Secretary of the Interior Ryan Zinke announced the next step for responsibly developing the National Outer Continental Shelf Oil and Gas Leasing ...
Indonesia >>  12/29/2017 - Indonesia received bids from several foreign companies for exploration in five oil and gas blocks in 2017, the deputy energy minister said, marking an...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

Oil & Gas Projects in Iraq >>

More News

 

Oil & Gas Companies in Iraq >>


Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.