Iraq to Sign Oil and Gas Exploration Contracts Next Month

Bloomberg reported that in November Iraq will sign gas and oil exploration contracts with a variety of companies, including Russia’s LUKOIL (LSE:LKOH) and Bashneft (OTC Pink:BNSFF), Pakistan Petroleum Ltd. (OTC Pink:PKKKY), Japan’s Inpex Corp. (TSE:1605) and London’s Premier Oil plc (LSE:PMO).

As quoted in the market news:

Iraq will sign an agreement on Nov. 5 with Pakistan Petroleum (PPL) for natural gas exploration in Block 8 in eastern Iraq, Sabah Abdel Kadhim, deputy head of the licensing department, said in a telephone interview in Baghdad today. The ministry will sign oil-exploration accords on Nov. 7 with Lukoil and Inpex for Block 10 in southern Iraq, and on Nov. 8 with Bashneft and Premier Oil for Block 12, he said.

The government awarded blocks 8, 9 and 10 when it offered 12 areas to bidders in an energy auction in May. It agreed in June to sell rights to Block 12 to Bashneft.

Click here to read the full Bloomberg report.