Kuwait and Dragon deal

By

 31 January 2013 23:59 GMT

Iraq has firmed up the contract to hand control of an oil block to Kuwait Energy and Dragon Oil.

The final service agreement covering Block 9 in Basra province was signed by the Ministry of Oil and the parties on 27 January.

Kuwait Energy will hold 70% of the block. London-listed Dragon will get the remainder.

If the block is found to be commercial in the five-yearexploration period, which is extendable by two years, the pair qualify for a 20-year development and production licence, which can be extended by five years.

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