Baghdad: The Ministry of Oil announced the signing of a contract for a two-dimensional seismic survey of the "Al-Qarnain" exploration block. In a statement, Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul-Ghani Al-Sawad, affirmed the ministry's commitment to maximizing the country's oil and gas reserves to develop the national economy and enhance Iraq's international standing in global markets.
According to National Iraqi News Agency, this announcement came during Al-Sawad's sponsorship and attendance of the signing ceremony for the contract between the Oil Exploration Company and Al-Qarnain Petroleum Company, a subsidiary of the Chinese Zhenhua Oil Company. The minister emphasized that the exploration block is one of the most promising border blocks for oil and gas, and highlighted that the Chinese Zhenhua Oil Company secured the development bid in the fifth supplementary licensing round. The company is set to drill four exploratory wells.
The minister further indicated that the exploration block is part of the Middle Oil Company's operations, urging the company to follow up on the implementation of these contracts to maximize the country's resources. The statement noted that the signing ceremony was attended by the ministry's undersecretaries for distribution, extraction, and gas affairs, as well as the general managers of the relevant ministry companies and departments.
Bassem Mohammed Khudair, Undersecretary of the Ministry for Extraction Affairs, remarked on the significance of signing the contract, as it aligns with the ministry's policy and strategy in supporting national effort companies. He underscored the role of the Oil Exploration Company as a national entity pivotal in executing two- and three-dimensional surveys and preparing field studies for exploration blocks. Khudair highlighted the company's history of efficiently implementing similar projects. Osama Raouf, Director General of the Oil Exploration Company, elaborated that the contract involves conducting two-dimensional seismic surveys over an area of 2,850 km in length. He added that the Al-Qarnain block is situated within the administrative borders of Najaf Governorate and borders the neighboring Kingdom of Saudi Arabia, with surveys to be completed within 223 days and potential for oil and gas extraction.