On 11 February 2018, Kuwait Energy Company (KEC) announced that it had signed an agreement to farmout a 15% participating interest in Block 9, south Iraq, to Dragon Oil Plc. The agreement comprises an 8.57% participating interest in consideration for USD 100 million in cash and a 6.43% participating interest in settlement of a dispute with Dragon Oil. The dispute is in relation to a non-controlling interest in the block. Finalisation of the agreement is dependent on Iraqi government and partner approval. Participants following this farmout in Block 9 will be KEC (operator) 45%, Dragon Oil plc 45% and Egyptian General Petroleum Corporation (EGPC) 10%. Previously on 15 March 2015, KEC announced that it had signed an agreement to farmout a 10% participating interest in Block 9, to EGPC. This agreement was finalised in late September 2015.  KEC Chief Executive Officer, Sara Akbar, and the Iraq Ministry of Oil, represented by the Deputy General of the South Oil Company (SOC) Faisal Wadi, signed a final service contract for Block 9 on 27 January 2013. KEC and partner Dragon Oil had received Iraqi Cabinet approval for the contract on 9 January 2013. According to local media, the operating group is planning to spend USD 80 million on initial exploration operations.  It was announced that Turkiye Petrolleri A.O. (TPAO) had been excluded from the Block 9 contract by the Iraqi Council of Ministers on 8 November 2012. KEC acquired TPAOâs interest in the contract, increasing their participation to 70%. Dragon Oil Plc retained a 30% interest in the contract. KEC (40%) was originally to operate the block in partnership with Dragon (30%) and TPAO (30%). The consortiumâs bid for Block 9  The consortium was initially awarded an exploration, development and production contract for Block 9 on 30 May 2012 as part of Iraqâs fourth licensing round. The contract was awarded on the basis of a remuneration fee of USD 6.24 per barrel of oil equivalent (boe). The work commitments in the initial five-year exploration period includes de-mining, seismic acquisition and drilling of an exploration well. The block is located on the Azadegan trend, between the Majnoon, Nahr Umr, Sindbad and Yadavaran oil fields. Â  Â  Â 
Dragon Oil (->45%) has taken a15% stake from Kuwait Energy (->45% op. EGPC 10%) in Block 9 for US$100 MM.