Ramco Energy, the Aberdeen based energy investment company, said Monday that Mesopotamia Petroleum Company (MPC), its 32.7% owned associated company, has agreed a joint venture agreement with Iraq Drilling Company and the only remaining condition is final approval by the Government of Iraq.
MPC and Ramco Chairman Steve Remp said: "...Whilst significant challenges remain in concluding formal agreements and arrangements for operating in Iraq, the current low oil price environment produces an enormous incentive and urgency to commence operations in order to help increase Iraqi oil production".
"Our joint venture with IDC is all about Iraq maintaining sovereignty over its natural resources while having access to the latest in drilling technology and management practices", Remp said.