OREANDA-NEWS. August 20, 2012. The Iraqi oil ministry signed initially a contract with the consortium of Bashnift Russian & Premier British to explore and develop and the 12th exploratory area (8000 km2) which is located between Muthanna & Najaf governorates with carbonic prospects (oil) and this area is under the custody of South Oil Company, and it is worthy to mention that the consortium offered 5 USD for the single barrel, The same target price of the oil ministry.

The spokesman of the oil ministry Mr. Assim jihad assured that the contracts signature was finished for 4 exploratory areas and will be certified by the council of ministers.

And said also that the consortium of Petrovietnam, Bashnift & Premier offered 9.85 USD for the single barrel during the 4th licensing round which was held at the end of May in the oil ministry, and the price was higher than the target price of the oil ministry, which is 5 USD.

The consortium of Pashnift & Premiere offered to accept the price of the oil ministry and Petrovietnam did not accept the price   and pull out from the consortium which made Bashnift the operating company by 70% share and Premiere by 30% share of the contract.

 As well as the oil ministry signed initial contracts to explore and develop the 8, 9, and 10th exploratory areas in the middle of July.