Iraq and Kuwait have signed a contract with ERC Equipoise, a global consultant, to explore potential opportunities for oil fields on the border between the two nations.
ERC will prepare technical and reservoir studies of two fields, Rumaila South Rataqa and Safwan Al Abdali, which will help inform to the countries on opportunities to invest in the fields. It will also guarantee the rights of each nation in exploiting the shared resources.
Heading the Iraqi delegation was Abdul-Mahdi Al-Amidi, director general of the department of oil contracts and licenses with the Ministry of Oil. Al-Amidi noted that the contract was a culmination of the work implemented by the Iraqi-Kuwait committee, according to a press release from the Iraqi Ministry of Oil.
He continued to say that this was an important step to strengthen relations between the nations and to resolve any outstanding issues.
Sheikh Talal Al-Fahd Al-Sabah, the undersecretary of the Kuwaiti Ministry of Petroleum, also praised the joint committee and emphasised that the contract denoted a trend towards stronger bonds between the nations and a move towards brighter prospects.