Iraq Pens Oil, Gas Contract with Kuwait Energy

A Kuwait-led consortium has inked a preliminary deal with Iraq to explore for oil and gas in the country.

Associated Press has reported that the consortium will focus on Iraq’s energy rich southern parts.

Earlier this year, Kuwait Energy and partners, Turkey's TPAO and the UAE's Dragon Oil, won the rights to explore the 900-square-kilometer (350-square-mile) Block 9 in the southern province of Basra in Iraq's fourth energy bidding round. The group will be paid $6.24 for each barrel of oil equivalent.

It is one of four deals Iraq awarded in May's bidding round to search for oil and gas. Others will be signed this month.