Economy
Iraq, Kuwait reach agreement on shared oil fields

 Iraq, Kuwait reach agreement on shared oil fields


Iraq and Kuwait have chosen an international consultant to study the development of cross- border oil fields.

“The global consulting firm will study the two areas adjacent to the shared border and based on the study’s results will put a rewarding productivity policy for both parties” Iraqi Oil Minister Thamer Al-Ghathban said at a meeting of the Organisation of Arab Petroleum Exporting Countries in Kuwait yesterday.

For years, Iraq and Kuwait have been discussing ways to develop and share the cross-border oil fields, expected to contain large quantities of crude oil.

Al-Ghathban also said final touches are being made to an agreement which will see Iraq export gas to Kuwait.

“I cannot say that I have any remarks on the agreement because we have exported gas to Kuwait in the 80s,” the minister said. “We all know that Iraq has big needs for gas especially in generating electric power.”