Dragon Oil announced Monday that a consortium it is part of has signed the final service contract for Iraqi Exploration Block 9 with the Iraqi Ministry of Oil.
Dragon bid jointly with Kuwait Energy in respect of Block 9 and the signing of the contract will see Kuwait Energy as the operator with a 70-percent contractor share. Dragon Oil holds the remaining 30 percent.
Block 9 is located in the province of Basra. It covers an area of approximately 345 square miles. Dragon confirmed that if the block is found to be commercial during the five-year exploration period, the consortium is automatically eligible for 20-year development and production phases, extendable by a further five years.
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