Nippon Oil, Iraq agree on Nassiriya oil field-Kyodo

Japan's Nippon Oil Corp and partners have obtained a basic agreement to develop Iraq's huge Nassiriya oil field, Japan's Kyodo news agency said, citing sources involved in the negotiations.

The group and Iraq have signed a memorandum of understanding as they have solved the biggest hurdle on financing issues, the report said. The announcement will be made in September, the report said, quoting Iraq's Deputy Oil Minister Abdul Karim Louaibi.