Hydrocarbon Exploration Block in Iraq

Context: 

Indian government is looking at resuming operations of state-run ONGC Videsh Ltd’s (OVL) hydrocarbon exploration block in Iraq, which has been under force majeure since 2003.

Image Source: BBC

More on News:

• ‘Block 20’, earlier known as Block 8, is a large on-land exploration block in the Western Desert of Iraq. 
• OVL had acquired 100% stake in the block by signing the exploration and development contract in November 2000, However, force majeure was declared in 2003 amid security concerns.
  • Force majeure is a contract clause that removes liability for catastrophic events, such as natural disasters and warfare.

About IRAQ:

• Location: Iraq is located in Western Asia.
• Borders: Iraq shares borders with several countries:
  • Turkey to the north
  • Iran to the east
  • The Persian Gulf and Kuwait to the southeast
  • Saudi Arabia to the south
  • Jordan to the southwest
  • Syria to the west
• Capital and Important Cities: The capital and largest city of Iraq is Baghdad.
  • Other important cities in Iraq include: Mosul, Al Basrah, Kirkuk, Al Najaf.
• Geographical Features: Iraq encompasses various geographical features, including:
  • The Mesopotamian Alluvial Plain
  • The northwestern end of the Zagros mountain range
  • The eastern part of the Syrian Desert
• Rivers: Two major rivers, the Tigris and Euphrates, flow through Iraq.They converge near the Persian Gulf in the Shatt al-Arab.
• Climate: Hot arid climate with subtropical influences.

News Source: Livemint