Iraq Inks Deal With Bashneft

BAGHDAD — Iraq's Oil Ministry said it had finalized a deal with a consortium led by oil company Bashneft to search for oil in the country's south.

Ministry spokesman Assem Jihad said Bashneft and its British partner, Premier, will explore the 8,000-square-kilometer Block 12, shared by the provinces of Muthana and Najaf. They will be paid $5 for each barrel of oil equivalent.

The contract is one of four deals Iraq awarded in its latest bidding round to hunt for oil and gas.

(AP)

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