10 Oil fields on Iraqi-Kuwaiti border await demarcation

[Stillw8n]

10 Oil fields on Iraqi-Kuwaiti border await demarcation

BAGHDAD, Dec. 4 (AKnews) – There are 10 oil fields that spread across the Iraqi-Kuwaiti frontier that are waiting to have a line drawn through them, the Oil and Energy committee in the Council of Representatives announced Sunday.

Committee member Furat al-Sharei told AKnews that the oil will be extracted from these fields after finding joint mechanisms between the countries. There are also ten common with Iran that are waiting the demarcation process to begin extraction.

“The problem of the common fields can be resolved by developing legal mechanisms.”
The Kuwaiti government denied trespassing on joint oil fields with Iraq last July, accusing unnamed parties of trying to destabilize relations between the two countries.

The Iraqi government pays 5% of its revenue to compensate its debt to Kuwait that reaches $22 billion USD (23,000 billion IQD).

The relations between Baghdad and Kuwait witnessed significant improvement in the past few years. Kuwait re-opened its embassy in Iraq in 2008 after nearly 19 years of broken diplomatic relations between the two countries, while the Consulate of Iraq was opened in Kuwait in 2010.

The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, and sanctions were imposed on Iraq by the international community as a result. Iraq was put under Chapter VII, which makes it a country that threatens global security.

Although both countries have opened embassies in the other state, the outstanding problems between them are still present and they lead to periodic tensions in the relationship.

http://bit.ly/vbRXqc