Iraq has deprived the Turkish Petroleum Corporation TPAO of a licence for the exploration of the field in the block 9, which was earlier issued within the fourth round of issue of licenses to foreign companies to explore for hydrocarbons, the Turkish newspaper The Lira quotes head of the licensing department at the Iraqi Oil Ministry, Abdul Mahdi Hamed al-Amidi as saying on Wednesday.
TPAO shares will be transferred to the Kuwait Energy Company which is in the consortium led by the Turkish TPAO. This takes Kuwait Energy shares to 70 per cent leaving those of another consortium member Dragon Oil at 30 per cent.
A consortium consisting of the Turkish TPAO, Kuwait Energy and Arab Dragon oil has received a licence to explore for oil in the tender on granting licenses to foreign companies to explore for hydrocarbons, held in Iraq on May 30-31.
A licence allowing the consortium to develop the field within 20 years was granted for the development of oil fields in Basra Province over 900 square kilometres.