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Asharq Al-Awsat
Asharq Al-Awsat
World
Baghdad - Asharq Al-Awsat

Iraq, UAE Reach Deal to Develop Basra, Diyala Oil Fields

Iraq and the UAE signed agreements to explore oil and gas blocks in Diyala and Basra. (Getty Images)

The Iraqi Ministry of Oil signed on Sunday initial contracts with the UAE Crescent Petroleum company for exploration and development of three oil and gas blocks: Kilabat-Gumar, Khashim al-Hmer-Injana, and Khudhr al-Maa.

The blocks, located in the Diyala and Basra provinces, border Kuwait and Iran.

Iraqi Oil Minister Jabbar Luaibi said Iraq has started a new phase in developing the oil fields in border areas in order to increase the country's oil and gas reserves.

Such "contracts are optimal investment for oil and gas wealth in these fields and exploration blocks in the border areas which have been neglected for decades," Luaibi noted.

Crescent Petroleum company representative Abdullah al-Qadhi stated the blocks will begin production in three years after signing the contracts for 12 billion dollars.

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