The Ministry of Oil signed a preliminary contract with a consortium of companies including Kuwait Energy, the Emirati Drecon and the Turkish (TPIO), to develop and rehabilitate the eighth exploration area in the province of Basra in the fourth round of licensing.
The ministry spokesman Assem Jihad said "the contract will be forwarded to the Cabinet for review and approval and to identify the final date of the signing of the contract."
He noted that "The ministry will sign on Tuesday a contract with a consortium of Russia's Lukoil and Inpex of Japan in the tenth expedition area."
Jihad said that "the signing of such contracts will boost oil and gas reserves of Iraq and brought new reserves."