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Chinese oil firm to start exploring for oil and gas in southern Iraq
The government-owned Midland Oil Company (MOC) in Iraq signed an agreement with China National Offshore Oil Corporation (CNOOC) to start exploring for oil and gas at the Block 7 field in southern Iraq. The Chinese oil and gas company will operate and own 100 percent of Block 7, which is 6,300 square kilometers in the Al-Qadisiyyah governorate, according to Reuters. In a historic policy change, Baghdad proposed profit-sharing programs with partners to replace the usual technical support contracts during Iraq’s latest licensing round. The arrangement formalizes CNOOC’s successful bid to explore the block. Without ... (full story)