Iraq awards 4th exploration deal to Bashneft
Russia's Bashneft has accepted the Oil Ministry's terms and taken a full stake in exploration Block 12, dropping its consortium partners from the fourth bid round.
Abdul Mahdi al-Ameedi, director general of the Iraqi Oil Ministry's Petroleum Contracts and Licensing Directorate, puts into the bidding box the government's sealed maximum offer for Block 9 at the Fourth Licensing Round on May 30, 2012. (BEN LANDO/Iraq Oil Report)
Iraq has awarded one more exploration deal, to Russia's Bashneft, after a month of negotiations following the Oil Ministry's fourth licensing round.
Bashneft will take a 100 percent stake in Block 12, an 8,000-square-kilometer area spanning Najaf and Muthanna provinces that is expected to hold crude oil.
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