Iraq signs deals with Chinese firms to develop 3 oil and gas blocks

Iraq signs deals with Chinese firms to develop 3 oil and gas blocks

Iraq's Ministry of Oil has signed deals with two Chinese companies to develop three oil and gas fields, state-run Xinhua News Agency reported.

The ministry signed two initial contracts with China's Geo-Jade Petroleum Corporation to develop the blocks of Naft Khana in the eastern province of Diyala and Huwieza in the southeastern province of Maysan.

It also signed a contract with another Chinese company, United Energy Group, to develop the Al-Sindibad block in the southern province of Basra.

The bidding round for licenses to explore and drill for oil and gas in six blocks in eastern and southern Iraq was held in 2018. Two Chinese and one UAE company were named the winners.

An OPEC-member Iraq has over 145 billion barrels of proven oil reserves and 132 trillion cubic feet of proven natural gas reserves.

(Writing by P Deol; Editing by Anoop Menon)

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