Iraqi-Kuwaiti agreement to invest in joint oil fields

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[size=52]Iraqi-Kuwaiti agreement to invest in joint oil fields[/size]

[size=45]The Ministry of Oil confirmed on Wednesday that an agreement was reached with Kuwait on the selection of a "global consultant" to prepare a study on the exploitation of the joint border oil fields.
[size=45]A spokesman for the Iraqi Ministry of Foreign Affairs, Assem Jihad, said that the two countries had agreed to choose the British company "PTE" to take over the task, and that the contract will be concluded officially with them in the coming days.[/size]
[size=45]"The contract provides for the company to prepare technical and reservoir studies of the joint productive border fields, namely the field of Safwan - Abdali, and the field of Rumaila South - the field of Ratqa."[/size]
[size=45]He explained that the studies will help the two countries in organizing, exploiting and investing in the common border fields between them, and guaranteeing the right of each party in these fields.[/size]
[size=45]The spokesman pointed out that this agreement, is a first step towards the conclusion of new agreements governing investment and optimal exploitation of border fields shared with neighboring countries, in accordance with the formulas and mechanisms and international agreements adopted.[/size]
[size=45]About two weeks ago, Kuwaiti Oil Minister Khalid al-Fadhel announced Kuwait's intention to sign an oil agreement with Iraq on the joint fields between the two countries.[/size]
[size=45]Al-Fadhel said in a press statement on June 19, 2019, that "Kuwait intends to sign an oil agreement with Iraq after the completion of the study of the development of oil fields in the north between the two countries," according to the Kuwaiti news agency.[/size]
[size=45]He added that "the Ministry of Oil will sign a joint agreement with the Iraqi side after completion of the Kuwait Oil Company to study the production of oil in the fields common to northern Kuwait." The minister was speaking in Baghdad on the sidelines of an official visit by the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Sabah to Iraq, during which he met with the President of the Republic, the Prime Minister, the Speaker of Parliament and other senior officials.[/size]
[size=45]It should be noted that Prime Minister Adel Abdul Mahdi, said earlier in his weekly press conference, on Tuesday, that the relationship between Iraq and Kuwait at their best, and there is significant progress in this relationship.[/size]
[size=45]In another context, the deputy of the province of Nineveh Ahmed Jubouri, on Wednesday, the Ministry of Oil that Iraq is losing 500,000 barrels of oil a day for the benefit of Iran and Kuwait.[/size]
[size=45]"The Ministry of Oil should not overlook the withdrawal of oil from the Kuwaiti and Iranian sides over the past 14 years through the Joint Operating Agreement because Iraq is losing daily from the joint fields (500) thousand barrels per day for the benefit of Iran and Kuwait. " He concluded by saying: "wasting the wealth of Iraq betrayal."[/size]


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