Deputy Prime Minister for Energy Affairs and Minister of Oil, Engineer Hayan Abdul-Ghani Al-Sawad, affirmed the ministry's commitment to maximizing the country's oil and gas reserves to develop the national economy and enhance Iraq's international standing in global markets. This came during his sponsorship and attendance of the signing ceremony of a contract for a two-dimensional seismic survey of the "Al-Qarnain" exploration block between the Oil Exploration Company and Al-Qarnain Petroleum Company, a subsidiary of the Chinese Zhenhua Oil Company.
The Minister stated that the exploration block is one of the most promising border blocks for oil and gas, and that the Chinese Zhenhua Oil Company won the development bid in the fifth supplementary licensing round. He noted that the Chinese company will drill four exploratory wells.
The Minister indicated that the exploration block is part of the Middle Oil Company's operations, and therefore we urge it to follow up on the implementation of these contracts to maximize the country's resources.
The signing ceremony was attended by the Undersecretaries of the Ministry for Distribution, Extraction, and Gas Affairs and the general managers of the relevant companies and departments of the Ministry. The Undersecretary of the Ministry for Extraction Affairs, Mr. Bassem Mohammed Khudair, stated that signing the contract is significant for the Ministry, as it confirms the Ministry's policy and strategy in supporting national effort companies. The Oil Exploration Company is a national company and a key pillar in implementing two- and three-dimensional surveys and preparing field studies for exploration blocks. He noted that the Oil Exploration Company has implemented numerous similar projects with high efficiency. The Director General of the Oil Exploration Company, Mr. Osama Raouf, stated that the contract includes conducting two-dimensional seismic surveys over a length of 2,850 km. He noted that the Al-Qarnain block is located within the administrative borders of Najaf Governorate and is one of the border blocks with neighboring Saudi Arabia. The surveys will be completed within 223 days, and the block is promising for oil and gas.