Strategic Partnership

Source: www.gulfoilandgas.com 9/13/2006, Location: Middle East

Petrel Resources announced a strategic partnership and cooperation agreement with ITOCHU Corporation. The strategic partnership will cover future exploration and development activities in the Iraqi oil and gas industry.

The cooperation agreement between Petrel and ITOCHU will initially cover work on the Merjan oil field under a Technical Cooperation Agreement with the Iraqi Ministry of Oil, subject to applicable laws. ITOCHU will also have a first look at future Petrel projects in the Iraqi oil & gas upstream sector.

As part of the cooperation agreement, ITOCHU will contribute towards Petrel's historic costs in the Iraqi oil & gas sector and will cover a fixed share of the costs of the current study.


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