Iraq and Kuwait expected to sign the agreement this week or next ...
August 26, 2010
Near the agreement with Kuwait on the production-sharing joint oil fields
بغداد ـ قاسم الحلفي Baghdad, Qassim Hilfi
Oil Minister Hussein al-Shahristani, the existence of negotiations between his ministry and its counterparts in Kuwait for the purpose of the agreement on production sharing in the fields in the common border.
He said in a special statement for the "morning": that the agreement would be announced soon involve production-sharing and investment fields to the satisfaction of the parties in their border areas.
He stresses that large economic benefits will accrue to both sides of the agreement.
He said al-Shahristani said the negotiations broke off a long way good, he invited all countries that share the oil fields on the border with Iraq to strike a deal similar to the agreement with Kuwait to ensure the sharing of production is satisfactory to all parties.
He's oil minister had been invited by the ministry to all neighboring countries to hold partnership agreements, production sharing, noting that the negotiations have been carried out directly between the two ministries without interference from third parties as mentioned in some media.
The Kuwaiti Oil Minister Sheikh Ahmad Al Abdullah Al Sabah was declared to the Agency
"Reuters" to reach a preliminary agreement with Iraq on the production of fields common border, and expected to sign the agreement this week or next.
Alsabah
August 26, 2010
Near the agreement with Kuwait on the production-sharing joint oil fields
بغداد ـ قاسم الحلفي Baghdad, Qassim Hilfi
Oil Minister Hussein al-Shahristani, the existence of negotiations between his ministry and its counterparts in Kuwait for the purpose of the agreement on production sharing in the fields in the common border.
He said in a special statement for the "morning": that the agreement would be announced soon involve production-sharing and investment fields to the satisfaction of the parties in their border areas.
He stresses that large economic benefits will accrue to both sides of the agreement.
He said al-Shahristani said the negotiations broke off a long way good, he invited all countries that share the oil fields on the border with Iraq to strike a deal similar to the agreement with Kuwait to ensure the sharing of production is satisfactory to all parties.
He's oil minister had been invited by the ministry to all neighboring countries to hold partnership agreements, production sharing, noting that the negotiations have been carried out directly between the two ministries without interference from third parties as mentioned in some media.
The Kuwaiti Oil Minister Sheikh Ahmad Al Abdullah Al Sabah was declared to the Agency
"Reuters" to reach a preliminary agreement with Iraq on the production of fields common border, and expected to sign the agreement this week or next.
Alsabah
Also previous article ~ Al-Dabbagh: Iraq is committed to international resolutions on the border with Kuwait ...
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Kuwait, Iraq in border oil deal
KUWAIT CITY, Aug 25, (AFP): Kuwait and Iraq have agreed “in principle” on a deal to regulate production from the border oilfields that once caused conflict between the two Arab states, the Kuwaiti oil minister said Wednesday.
The deal follows technical negotiations between the two nations and “we have agreed in principle. Kuwait signed the deal and they (Iraq) will be signing it this or next week,” Sheikh Ahmad Abdullah Al-Sabah told reporters.
The deal calls for “a unified international company to drill for oil,” on the joint border fields, the minister said.
It also allows international oil companies “to come and agree with both countries to drill at the same time for the same field,” he said.
“It’s to avoid future claims that one of these countries is overutilising this kind of joint fields,” said Sheikh Ahmad.
A number of oilfields lie on the border between the two Arab countries, including Iraq’s giant Rumaila which extends into Kuwait where it is known as Ritqa. There are other such fields in Zubair and Safwan.
Most of Iraq’s current production of 2.5 million barrels per day comes from Rumaila, which has a daily production of around 1.5 million bpd, while Kuwait’s production from Ritqa is just under 50,000 bpd.
The two sides have in the past traded accusations of oil theft, although Kuwaiti officials have repeatedly denied Iraqi charges that the country has been producing illegally from border fields.
The two nations together control about a quarter of the world’s proven crude oil reserves, with Iraq estimated to be sitting on 15 percent and Kuwait around 10 percent.
http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/158788/reftab/69/t/Kuwait-Iraq-in-border-oil-deal/Default.aspx
