Premier to develop Iraq oil block

Premier Oil is teaming up with Russia's Bashneft to develop Iraq's oil block 12, an Iraqi oil official said yesterday. Last month Iraq awarded Bashneft rights to develop the field. Bashneft has now chosen Premier Oil as a partner, Abdul-Mahdy al-Ameedi, head of the oil ministry’s contracts and licencing directorate, told reporters. Bashneft will hold 70 per cent and Premier Oil 30 per cent in the project, he said.