Subscribe free to our newsletters via your
. Energy News .




ENERGY TECH
Iraq inks exploration deal with Pakistan Petroleum
by Staff Writers
Baghdad (AFP) Nov 5, 2012


Iraq on Monday signed a five-year deal with Pakistan Petroleum for the company to explore a massive tract of land believed to contain gas, the latest step in Baghdad's efforts to boost energy output.

Under the contract, the firm must invest at least $100 million to explore the 6,000 square-kilometre (2,300 square-mile) block covering the provinces of Wasit and volatile Diyala.

"The oil production (and) the gas production from this block will not only help the Iraqi economy, it will help the Pakistani economy also," Pakistan Petroleum chief executive Asim Khan told reporters.

"It will be a step forward from this project to other projects at national level. Inshallah (God willing), this is the beginning and we would like to see more projects."

Khan said he was not concerned by instability in Diyala province, which remains one of Iraq's most violent even as attacks have lessened nationwide in recent years compared to the country's bloody sectarian war from 2006 to 2008.

"These are not going to stop or hinder our work programme," he said. "We will overcome the security."

Pakistan Petroleum won the contract in a May 30-31 public auction, agreeing to remuneration of $5.38 per barrel of oil-equivalent eventually extracted from the block, which is thought to contain gas.

Baghdad is looking to increase its gas production to help power electricity generation stations. The country is suffering from a years-long electricity shortfall that is a persistent complaint of Iraqis.

Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the highest such deposits in the world.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








ENERGY TECH
Syria rebels seize oilfield, down warplane
Damascus (AFP) Nov 4, 2012
Rebels seized a major oilfield and shot down a warplane in eastern Syria Sunday, a watchdog said, notching up new battlefield successes even as the opposition met in Qatar under US pressure for a makeover. The rebel advances in the eastern province of Deir Ezzor came as warplanes pounded their positions around Damascus and in the northern provinces of Aleppo and Idlib. State media also r ... read more


ENERGY TECH
US military mobilizes to help restore power to New York

Sustainable cities must look beyond city limits

Outside View: Energy companies' taxes

Virgin Group and Rosnano announce joint investment fund

ENERGY TECH
Anger mounts in US storm zone over fuel shortages

Iraq inks exploration deal with Pakistan Petroleum

Russia and China to drive the world oil market

Oil prices higher after China data, before US vote

ENERGY TECH
China backs suit against Obama over wind farm deal

DNV KEMA awarded framework agreement for German wind project developer SoWiTec

Sandia Labs benchmark helps wind industry measure success

Bigger wind turbines make greener electricity

ENERGY TECH
China files WTO complaint against EU over green energy: source

Stanford scientists build the first all-carbon solar cell

China probes EU solar imports

Tokelau achieves renewable power

ENERGY TECH
Nuclear industry funded Japan's safety experts: report

S. Korea shuts nuclear reactors, warns of power shortages

German nuclear exit delivers economic, environmental benefits

U.S. nuclear energy safety questioned

ENERGY TECH
Biofuel breakthrough: Quick cook method turns algae into oil

Switching to an energy crop: Break even or make a profit?

New enzyme 'produces more fuel from less corn,' Danish company says

Scientists build 'nanobowls' to protect catalysts needed for better biofuel production

ENERGY TECH
Tiangong 1 Parked And Waiting As Shenzhou 10 Mission Prep Continues

China to launch 11 meteorological satellites by 2020

China makes progress in spaceflight research

Patience for Tiangong

ENERGY TECH
Megastorm Sandy injects climate into presidential vote

Anthropocene Continues to Spark Scientific Debate

UK butterfly populations threatened by extreme drought and landscape fragmentation

Did the changing climate shrink Europe's ancient hippos?




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement