Last Updated: Wed May 30, 2012 14:59 pm (KSA) 11:59 am (GMT)

Kuwait-led consortium gets nod in Iraq energy bids

Kuwait Energy and its partners, Turkey’s TPAO and the UAE’s Dragon Oil, will be paid $6.24 for each barrel of oil equivalent they find in a 900-square-kilometer area in Iraq's oil-rich southern Basra province. (File photo)
Kuwait Energy and its partners, Turkey’s TPAO and the UAE’s Dragon Oil, will be paid $6.24 for each barrel of oil equivalent they find in a 900-square-kilometer area in Iraq's oil-rich southern Basra province. (File photo)

A consortium led by a Kuwaiti energy company has won the rights to search for oil and gas in southern Iraq.



The Basra-area exploration block is the first to be awarded of 12 that are up for bidding in Iraq’s fourth postwar energy auction that started Wednesday. Three dozen foreign companies are involved.

The government is seeking foreign investment to build up an energy sector hit by years of neglect and violence. Iraq holds the world’s fourth largest oil reserves and hopes to develop its natural gas industry.

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