Iraq and Kuwait agree to develop disputed fields

Oil&Gas Materials 22 October 2012 13:49 (UTC +04:00)

Azerbaijan, Baku, Oct. 22 / Trend A. Taghiyeva /

Iraq and Kuwait have signed an agreement on the joint development of deposits which are the subject of a dispute between the two countries for many years, spokesman for the Iraqi Oil Ministry Asym Jihad told Trend today.

According to the agreement between the parties, a joint venture will be established to regulate the work in the fields to be the operator.

"There is a big breakthrough in resolving the problems of joint oil fields with Kuwait," he said. "Iraq intends to fully resolve the problem hindering the development of joint prospective oil fields."

Regarding the joint investments, Jihad said that the parties have been negotiating this issue and details of the negotiations cannot be disclosed at this stage.

The main joint oil fields between Iraq and Kuwait are Ravdatain, Sabria and Bahra, with most belonging to Kuwait. Zubair, Qurna and Majnoon are located in Iraq.

The main point of dispute between the two countries is the Al-Ratka field which is a continuation of giant Iraqi Rumaila field.