Dragon Oil bid jointly with Kuwait Energy in respect of Block 9. Kuwait Energy will be the operator in the service contract for Block 9, participating with a 70% contractor share, with Dragon Oil at 30%.
Block 9 is located in the Basra province and covers an area of approx. 900km2.
If Block 9 is found to be commercial during the five-year exploration period, during which time the consortium is eligible for a possible renewal for another two years twice, the consortium is automatically eligible for 20-year development and production phases, extendable by a further five years.
Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, said, “I am pleased to announce the formal signing of the service contract for Block 9, which had previously been initialled on 16 July 2012. This step concludes the formal process following which the consortium now has the right and obligation to commence the exploration activities in the Block. We look forward to working with our partners in Iraq.”
Monday, January 28- 2013 @ 9:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.