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Iraq signs oil deal with Russian led consortium
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Wednesday, 14 Nov 2012
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Iraq's Oil Ministry has finalized a deal with a consortium led by Russian oil giant Bashneft to search for oil in the country's south.

Mr Assem Jihad ministry spokesman said that Bashneft and its UK partner Premier will explore the 8,000 square kilometer Block 12 shared by the provinces of Muthana and Najaf. They will be paid USD 5 for each barrel of oil equivalent. Thursday's signing ceremony took place at the Oil Ministry in Baghdad.

The contract is one of four deals Iraq awarded in its latest bidding round to hunt for oil and gas. Iraq, which sits atop of 143.1 billion barrels of proven oil reserves and 126.7 trillion cubic feet of natural gas is seeking to develop its vast resources after decades of war, UN sanctions and neglect.

Source - Aswat Aliraq

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