Saturday, November 28, 2009

Oil: Iraq, Kuwait engaged in "technical negotiations" over border oilfields

MENAFN - Arab Times Iraq and Kuwait are engaged in "technical negotiations" to strike a deal over production from border oilfields that have been at the heart of previous conflicts, a Kuwaiti oil official has said.

"Consultations are ongoing to select the best mechanism that fairly guarantees the rights of both sides and serves their interests," oil ministry assistant undersecretary for technical affairs Ali bin Sabt said.

"We are currently studying a number of relevant international agreements as a guide to reach the best agreement," Sabt said in statements to the official KUNA news agency published by the local press on Wednesday.

Sabt however provided no specific details about the negotiations or meetings between officials from the two countries. Iraq said earlier in the week that the joint technical commission will meet before the end of November.

A number of oilfields lie on the joint borders of the two Arab nations, including the Iraqi super giant Rumaila field which extends into Kuwait where it is known as Ritqa. There are other fields in Zubair and Safwan.

Published by i On Global Trends - Mike Hitchen Online - news, opinion, analysis
See also Sydney Irresistible and Mike Hitchen Unleashed
Putting principles before profits