Kuwait and neighboring Iraq have jointly signed a contract with the British energy advisory firm ERC Equipoise to prepare a study for the development of joint oil fields on the border between the two countries, reported state news agency KUNA.
As per the deal, the British advisory firm will provide all information related to oil reserves and other information, which paves the way for joint investment between Iraq and Kuwait, stated the report citing a senior official.
“The signing also emphasizes the keenness of the (Iraqi) government and the ministry to resolve all outstanding issues between the two countries. The signing is an important step to strengthen bilateral relations,” remarked Abdul Mahdi Al Amidi, the Director-General of Iraqi Oil Ministry’s department of contracts and petroleum licenses.
Meanwhile, the ministry’s spokesman Asim Jihad said signing the contract with the British advisory firm “will prepare technical studies of the joint border oil fields.”
TradeArabia News Service