BEIJING, Jun.5 (Xinhua) -- Two Chinese companies, United Energy Group Limited and Geo-Jade Petroleum Corp., on Monday signed a referendum contract with Iraqi Oil Ministry to develop three oil and gas fields in Iraq.
United Energy Group Limited will develop one oil and gas field, while Geo-Jade Petroleum Corp. will develop the other two, accoridng to a report by cnstock.com.
The referendum contract would be submitted to the Council of Ministers of Iraq for approval before getting finalized.
Geo-Jade Petroleum, United Energy and U.A.E-based Crescent Petroleum won bids for the exploration and development rights of six oil and gas fields in southern and eastern Iraq in April 2018. Upon full-capacity production, the average output of these fields is expected to reach 500,000 barrels per day in the future. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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