(Yicai Global) May 4 -- A private energy firm in China has won exploration and development rights in two oilfields in Iraq and will carry out the project with other two Chinese oil and gas companies, it said.
Geo-Jade Petroleum won the bid for the exploration and development right for Huwaiza Block and Naft Khana Block in Iraq, said the company in a statement yesterday. It signed agreements with Anton Oildfield Services Group and China Oil HBP Science & Technology Co. to co-develop the fields.
The three parties above will enter into specific cooperation agreements for individual projects in the future to confirm respective rights and interests.
Located in southeastern Iraq and occupying an area of 1,060 square kilometers, Huwaiza block is about 35 kilometers away from the giant Halfaya oilfield and is adjacent to Iran’s North Azadegan oilfield in the south with around 2.4 billion barrels of oil reserves, it said.
The company will soon discuss the details with the Iraqi Oil Ministry to find out how the situation in Iraq may affect investment environment before signing a formal contract, it added.
Situated in eastern Iraq with an area of 2,000 square kilometers, Naft Khana block has already two drilled oil wells, the company said.
Geo-Jade obtained the qualification to operate in Iraqi oil and gas fields in January and is one of the 26 oil and gas companies around the globe authorized by the Iraqi oil ministry to carry out oil and gas exploration work in the energy-rich country.
Editor: Mevlut Katik