Kuwait Energy, Partners Win Iraq Block

A consortium led by Kuwait Energy has won Block 9 in Iraq's fourth post-war energy licensing auction Wednesday. Block 9 in Basra is one of the 12 blocks being offered by the Iraqi government.

Kuwait Energy has 40 per cent share while Turkish energy giant TPAO and the London-listed Dragon Oil each have 30 per cent.

The consortium's bid for Block 9 was awarded on the basis of a remuneration fee of $6.24 per barrel of oil equivalent.

Iraq opened its fourth oil and natural gas exploration bidding round Wednesday with 39 foreign firms registered to compete.