Exploration firm Petrel Resources has formed a new strategic partnership and co-operation agreement with Japan's ITOCHU Corporation. The partnership will cover future oil and gas exploration and development activities in Iraq.
ITOCHU is one of the largest Japanese conglomerates. Since the 1970s, it has been a successful player in the energy sector through its active participation in the challenging environments of Algeria and Azerbaijan, as well as other oil producing regions such as the North Sea and Western Australia.
The group is also one of the largest traders of crude oil in the Far East and is a major force in numerous business sectors, including areas such as steel pipe supply, finance, logistic and plant businesses.
As part of the deal, ITOCHU will contribute towards Petrel's historic costs in the Iraqi oil and gas sector and will cover a fixed share of the costs of the current study.
'We have gotten to know ITOCHU well over several years. There is a near perfect fit with Petrel, commented Petrel's Managing Director David Horgan.
'There is no better partner for us in our quest to expand and deepen our Iraqi activities,' he added.
