(MENAFN- Iraq Business News) By John Lee.
Iraq's Ministerial Council for Energy has recommended proceeding with the signing of a preliminary contract for the Mansuriyah gas field between the Ministry of Oil's Middle Oil Company [Midland Oil Company] and a consortium consisting of China's Jereh Group and a company referred to as " Petro Iraq ".
According to a statement from the Media Office of the Prime Minister, the Council has approved the allocation of $506 million for the Midland Oil Company's 51-percent share in the project over the first three years, distributed as $73 million for the first year, $187 million for the second year, and $246 million for the third year.
This amount will be managed by the Midland Oil Company under an agreement with the Ministry of Finance. The project will be included in licensing rounds to settle dues with crude oil or condensates in line with existing licensing contracts.
Mansuriyah gas field was originally granted in Iraq's third licensing round (2010) to TPAO (37.5%), Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), Kogas (15%). That contract was reported to have been cancelled in 2020. A new deal was signe with Sinopec in January 2022. In mid-2023, press reports suggest that the Sinopec deal was in doubt, following requests from the company to amend the contract.
(Source: PMO)
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