Zhongman Petroleum and Natural Gas Group Corporation (ZPEC) of China has announced that they have received a letter from Iraq’s Petroleum Contracts and Licensing Directorate (PCLD). The letter confirms the approval of ZPEC’s qualifications for development and operations of oil and gas fields in Iraq.
In a statement released on Thursday to the Shanghai Stock Exchange, the company announced that obtaining this qualification is necessary for its involvement in the exploration and development of oil and gas blocks in Iraq. Furthermore, the company added:
The Iraqi Petroleum Ministry thoroughly evaluated the Company in various areas, including oil and gas field management, financial management, financing capability, legal risk management, operational technology capability, environmental protection, safety assurance, personnel training, and more.
The Iraqi government’s recognition of the Company’s comprehensive strength in the oil and gas field led to the smooth approval of its qualification for oil and gas field exploration and development.
Acquiring this qualification will enable the Company to capitalize on investment and development prospects in top-notch oil and gas fields in Iraq. This will pave the way for the Company’s constant growth and advancement in its oil and gas exploration and development portfolio, and will infuse new vigor into its long-term and stable development.
Going forward, the Company will conduct thorough evaluations of the applicable oil and gas field blocks in line with the bid documents that have been publicly released by the Iraqi Petroleum Ministry. The Company will make wise decisions while taking into account the investment climate of the host country and the actual circumstances of the Company.
The company has been active in Iraq, winning multiple drilling contracts.
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