AFP, Baghdad :
Iraq’s oil ministry said Thursday it has granted licences to explore oil blocs in zones bordering Iran for the first time in half a century.
Licences have been issued to two Chinese companies and one Emirati firm for three blocs close to Iran and one near Kuwait, according to the ministry.
The ministry also granted licences to exploit gas from four fields in Diyala province, northeast of Baghdad.
Under late dictator Saddam Hussein, Iraq went to war with Iran between 1980 and 1988 and invaded Kuwait in 1990, before being pushed out of the latter by an American-led coalition.
Since a US-led invasion of Iraq itself in 2003, the country has been blighted by long periods of chaos, culminating in a three-year battle against Islamic State group insurgents.
“After the decades of war and negligence, we have decided to accelerate investment in fields in border areas. These investments will contribute to oil and gas reserves and improve our economy,” said Oil Minister Jabbar al-Luaibi.
“It isn’t logical to leave these regions without investment or development — that’s why we invited these companies to come and invest,” added Luaibi.
Iraq’s oil ministry said Thursday it has granted licences to explore oil blocs in zones bordering Iran for the first time in half a century.
Licences have been issued to two Chinese companies and one Emirati firm for three blocs close to Iran and one near Kuwait, according to the ministry.
The ministry also granted licences to exploit gas from four fields in Diyala province, northeast of Baghdad.
Under late dictator Saddam Hussein, Iraq went to war with Iran between 1980 and 1988 and invaded Kuwait in 1990, before being pushed out of the latter by an American-led coalition.
Since a US-led invasion of Iraq itself in 2003, the country has been blighted by long periods of chaos, culminating in a three-year battle against Islamic State group insurgents.
“After the decades of war and negligence, we have decided to accelerate investment in fields in border areas. These investments will contribute to oil and gas reserves and improve our economy,” said Oil Minister Jabbar al-Luaibi.
“It isn’t logical to leave these regions without investment or development — that’s why we invited these companies to come and invest,” added Luaibi.
