Iraq signs final contract to develop Gharaf oil field
Aswat Aliraq
18 January 2010
BAGHDAD: Iraq's Oil Ministry signed on Monday the final contract to develop Gharaf oilfield with Malaysian state oil firm Petronas [PETR.UL] and Japan Exploration Co (Japex).
"The development of the oilfield has a big important to develop the Iraqi oil industry, mainly in the Thi-Qar province," Oil Minister Hussein al-Shahrestani said at the signing ceremony.
The deal is the second completed this week, giving Iraq's government hope it will be able to boost oil exports and generate cash sorely needed for post-war reconstruction.
The contracts were awarded during Iraq's second postwar bidding round last month.
Gharaf, a field with estimated reserves of 900 million barrels, was won by Petronas and Japex in a fierce competition in Iraq's December auction of oil contracts, the second auction since the 2003 U.S. invasion.
Aswat Aliraq 2010
Aswat Aliraq
18 January 2010
BAGHDAD: Iraq's Oil Ministry signed on Monday the final contract to develop Gharaf oilfield with Malaysian state oil firm Petronas [PETR.UL] and Japan Exploration Co (Japex).
"The development of the oilfield has a big important to develop the Iraqi oil industry, mainly in the Thi-Qar province," Oil Minister Hussein al-Shahrestani said at the signing ceremony.
The deal is the second completed this week, giving Iraq's government hope it will be able to boost oil exports and generate cash sorely needed for post-war reconstruction.
The contracts were awarded during Iraq's second postwar bidding round last month.
Gharaf, a field with estimated reserves of 900 million barrels, was won by Petronas and Japex in a fierce competition in Iraq's December auction of oil contracts, the second auction since the 2003 U.S. invasion.
Aswat Aliraq 2010