The Oil Ministry announced that Iraq’s state-owned Oil Exploration Company (OEC) has inked a deal with China’s ZhenHua Oil to conduct seismic surveys for the Abu Khaymah exploration project in the southern province of Muthanna.
The project is part of Iraq’s Fifth Licensing Round Supplement and Sixth Licensing Round, which aim to expedite exploration efforts and locate new hydrocarbon resources to support future production.
The deal was signed in the presence of Nasser Aziz, Deputy Oil Minister for Extraction Affairs, and Osama Raouf Hussein, Director General of the Oil Exploration Company.
The Oil Ministry stated that the initiative will use current seismic survey technology to improve the assessment of geological features and provide the technical data needed for developing exploration blocks and oilfields.
Iraq’s Oil Ministry added that the project contributes to Iraq’s overall policy of boosting hydrocarbon reserves, improving exploration efforts, and increasing future oil and gas output.
The Oil Exploration Company, the Ministry of Oil’s state-owned entity in charge of seismic surveys, geological studies, and geophysical data acquisition throughout Iraq, stated that the agreement would also strengthen cooperation with international energy companies and help transfer technical expertise and advanced exploration technologies to Iraqi specialists.
ZhenHua Oil is a Chinese state-owned energy firm having upstream oil and gas operations in many countries, as well as trading activity in the global energy market.
The company has been increasing its footprint in Iraq via exploration and development contracts approved throughout the country’s licensing rounds.
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