Russian oil giant Rosneft plans to conduct prospecting activity in Iraqi Kurdistan this year, Rosneft First Vice President Eric Liron said on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 05th February, 2019) Russian oil giant Rosneft plans to conduct prospecting activity in Iraqi Kurdistan this year, Rosneft First Vice President Eric Liron said on Tuesday.According to Liron, the company has been implementing an oil development project in Iraqi Kurdistan and plans to carry out a geological exploration program there this year to ensure follow-up oil production in the region's oil fields.
Rosneft and Iraqi Kurdistan have signed a number of agreements to cooperate in the oil and gas sector. In February 2017, the sides agreed on an oil trading contract for 2017-2019. In October of that year, the parties also signed the documents needed to put agreements on sharing oil production among five sites on the territory of the autonomous region into effect.
That same month, Rosneft and Iraqi Kurdistan signed an agreement to develop the gas business in the region, envisaging cooperation on a gas pipeline construction project.
