Zhongman Petroleum and Natural Gas Group (SHA:603619) or ZPEC signed contracts with Midland Oil Company of the Iraq for the development of Iraq's East Baghdad Northern Extension Block and the Middle Euphrates Block, according to a Shanghai Stock Exchange disclosure on Tuesday.
The Chinese oil and gas company signed the contracts through its subsidiaries, Zhongman Middle East Oil & Gas DMCC and Zhongman Babylon Oil & Gas DMCC.
The development and production of the oil fields will run for a maximum of 25 years, the disclosure said.
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