BAGHDAD, July 31 (KUNA) -- Iraq Ministry of Oil announced Wednesday on an agreement reached between Iraq and Kuwait for the selection of a "global consultant" to prepare a study on the investment of the joint border oil fields.
The two countries have agreed to choose the British company (ERC Equipoise Pte Ltd) to take over this task, as the contract will be officially signed in the coming days, ministry spokesman Assem Jihad said in a statement.
The contract empowers the company to prepare studies of the joint productive border fields (Safwan-Al-Abdali) and (South Rumaila-Ratqa), he said.
The studies will help the two countries in organizing, exploiting and investing in the border fields shared between them in order to guarantee the right of each party in these fields, he said.
This agreement is a first step towards signing new agreements to regulate the investment and optimal exploitation of the border fields shared with neighboring countries, in accordance with mechanisms and international agreements adopted. (end) ahh.ss