British energy advisory firm to prepare study for the development of joint oil fields
Kuwait and Iraq have 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.
The deal will see the British advisory firm prepare studies of the joint productive border fields, Safwan-Al-Abdali and South Rumaila-Ratqa, paving the way for joint investment between Iraq and Kuwait, according to the report by the Kuwait News Agency (KUNA).
Abdul Mahdi Al Amidi, director general of Iraqi Oil Ministry's department of contracts and petroleum licences, said: “The signing also emphasises 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."
The border oil fields between Iraq and Kuwait had been a source of tension between the two countries before and during the 1990 war, as Iraq repeatedly accused Kuwait of drilling wells that crossed the border and pumped oil from Iraqi territory, which was denied by Kuwait.
The contract came on the anniversary of the 1990 war launched by the Iraqi former leader Saddam Hussein against Kuwait.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.