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FOR IMMEDIATE RELEASE
26th February 2009
Midmar marks its
International Expansion with Historic Iraqi Joint
Venture Agreement
Midmar Energy Ltd (“Midmar”), the oil
and gas exploration and production company, today
announces its international expansion with the signature
and ratification of a joint venture agreement between
its associate company, Mesopotamia Petroleum Company
(“MPC”) and the Iraqi Drilling Company
(“IDC”) (the Iraqi state-owned drilling
company) in Baghdad. The new joint venture, known
as the Iraqi Oil Services Company LLC (“IOSCO”)
, has been created with the objective of drilling
a large number of new wells in the Republic of Iraq,
thus significantly increasing oil and gas production.
This historic agreement is the first joint venture of
its kind between the Iraqi Ministry of Oil and a
foreign oil company since the fall of the regime of
Saddam Hussein in 2003.
Full press release
here.
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