China National Offshore Oil Corporation (CNOOC) has entered into an agreement with Iraq to conduct seismic survey for two oil exploration blocks in Iraq’s southern province of Basra, state media Xinhua reports.
According to a statement by Iraq’s ministry of oil, minister Thamir al-Ghadban said the ministry is implementing its strategic plans to develop and rehabilitate exploring blocks to boost oil and gas reserves.
The contract includes the implementation of seismic surveys and the preparation of reservoir studies and analysis of the two exploratory blocks, one of which is offshore and the other is onshore.
Iraq held an auction last year for international energy companies to bid for 11 oil and gas blocks near the borders with Iran and Kuwait, and later issued six licenses to foreign firms to explore and drill.
