Dubai's Dragon Oil said it was joined by independent Kuwait Energy in receiving permission from Baghdad to start oil exploration work in Basra province.
The Iraqi Oil Ministry signed a final service contract for Dragon Oil and Kuwait Energy to work in Block 9, a 347-square-mile site in southern Basra.
The companies said they're eligible for a 20-year development project should Block 9 find commercial reserves during a five-year exploration period. Neither party gave a reserve expectation.
"We look forward to continue participating in the development of Iraq's energy resources, and supporting the country's endeavors toward the development of its energy sector," said Kuwait Energy Chief Executive Officer Sara Akbar in a statement.
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