September 8, 2007 / 7:42 PM / 11 years ago

UPDATE 1-Iraq Kurdish region signs oil deal with U.S. Hunt

(Adds details, background)

DUBAI, Sept 8 (Reuters) - The government of Iraq’s Kurdish region said on Saturday it had signed a gas and oil production sharing contract with a unit of U.S.-based Hunt Oil Co. and with Impulse Energy Corp.

The deal covers exploration activity in the Dihok area, and Hunt Oil Co. of the Kurdistan Region will begin geological survey and seismic work by the end of 2007 and has plans to drill an exploration well in 2008, a statement from the Kurdistan Regional Government said.

The statement did not give financial details of the deal, the first such contract since the largely autonomous region passed its own oil law in August, while Iraq’s parliament failed to pass a national law after months of negotiations.

The regional government signed five production sharing agreements earlier with foreign companies.

Iraq has the world’s third-largest oil reserves, which are mainly in the north and the south of the country.

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