Oil Search Oil Search has signed a Seismic Option Agreement with the Kurdistan Regional Government (KRG), over Block K42 in Iraq. The K42 Block, which covers 511 sq kms, lies in the south-eastern fairway of the Zagros Fold Belt of Kurdistan, adjacent to the Pulkhana discovery and the Kor Mor gas condensate field, which is currently under development. The K42 Block has not previously been drilled, but is thought likely to contain the highly productive Cretaceous and Tertiary intervals present in the region and therefore has the potential to contain material reserves. Under the agreement, Oil Search will acquire 200 kms of 2D seismic. These seismic acquisition activities, which Oil Search will operate and fund 100%, are expected to commence within the next six months. Oil Search then has an option to sign a full Production Sharing Contract (PSC) on agreed terms, should the results of the seismic data be encouraging and if other conditions precedent are met. Should the Company elect to enter a PSC, its working interest will be 60%, paying approx. 75% of the Minimum Work Programme costs (one well). Oil Search’s Managing Director, Peter Botten, commented: 'This seismic option agreement in Block K42 provides Oil Search with an opportunity to expand its presence in a highly prolific fairway. It is in line with Oil Search’s strategy to focus on licences that have material hydrocarbon potential, as Block K42 has an excellent address in a world class hydrocarbon province. Several companies have announced large new discoveries in this highly prospective region and oil exports have recently commenced from the Tawke and Taq Taq fields. The option allows the Company to reduce subsurface risk prior to taking on drilling commitments. Knowledge gained from our past non-operated ventures in the region will be applied to Oil Search's first operated venture in Kurdistan. Oil Search is extremely pleased to be operating in Kurdistan and is looking forward to bringing both its PNG Fold Belt expertise and community affairs skills to the K42 venture. Vast Exploration Inc. Calgary, Alberta, - Vast Exploration Inc. (“Vast” or the “Company” (TSX-V: VST) is pleased to announce that with its consortium partner Niko Resources Ltd. (TSX: NKO), as operator, it has entered into a Production Sharing Contract (“PSC” with the Kurdistan Regional Government - Iraq (“KRG” or “Government” for the exploration, development and production of petroleum resources in the 846 square kilometre Qara Dagh Block in the Sulaymaniya Governorate of the Federal Region of Kurdistan Pre-production: Large International E&P Companies * Talisman Energy (TLM) * Niko Resources (NKRSF.PK) * OMV Aktiengesellschaft (OMVKY.PK) * MOL Magyar Olaj-es Gazipari NyRt (MGYOY.PK) * TNK-BP (TNBP, listed in Russia) * Reliance Industries (500325, listed in India) Pre-production: Junior E&P Companies * Gulf Keystone (GKP LN or GUKYF) * Sterling Energy (SEY LN) * HKN Inc. (HKN) http://seekingalpha.com/article/145257-iraqi-kurdistan-one-of-the-world-s-most-coveted-oil-fields Gulf Keystone is an independent company whose focus is on exploration in the autonomous Kurdistan region of northern Iraq. In November 2007 Gulf Keystone secured interests in two production sharing contracts in the Kurdistan Region of Northern Iraq, Shaikan and Akri-Bijeel. In 2009, the Company diversified the asset base in Kurdistan with the addition of two new Production Sharing Contracts, Sheikh Adi and Ber Bahr. This region has the potential to be a world class hydrocarbon province and Gulf Keystone believes it is well positioned to seek out further growth opportunities. Gulf Keystone is quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. Ticker symbol GKP. Strategy • Bring the company into production • Explore, appraise and develop current blocks to realise reserve potential • Regional diversification into high impact exploration / appraisal opportunities. Longford Energy Inc. Longford Energy Inc., is a junior Canadian oil and gas exploration and production company. Longford has acquired a significant interest in the Chia Surkh Block Production Sharing Contract in the Kurdistan Region – Iraq. The Block offers both a field development opportunity and multiple exploration prospects.
Probably this is the reason why during Biblical times Kurdistan was described as Terrestrial Paradise, if they knew about the oil under it they would have called it Terrestrial Paradise on the Golden Sea.
indeed iraqi Kurdistan is blessed and is very rich this will help other poor kurds in surrounding countries in the long run and despite of having a proved reserve of 45 billion BPDs and 2.83 Trillion cubic meter Gas there are still vast areas that are unexplored so the number could rise and indeed in shaikan well 3 gulf keystone just found another 2.2 billion barrels
Heritage Oil Shares in Heritage Oil Plc (LSE: HOIL), the independent upstream exploration and production company with operation in Iraqi Kurdistan, were up more than 5% after the company issued an Interim Management Statement for the periond July 2010 to 17 November 2010.
The Interior Minister in Kurdistan Regional Government Kareem Sinjari, in a press statement said that his ministry formed a 5000 men force to protect the oil refineries in Kurdistan Region’s three provinces Erbil, Duhok and Sulaimani. http://www.pukmedia.com/english/index.php?option=com_content&view=article&id=6282:force-formed-to-protect-kurdistan-region-oil-refineries-&catid=29:kurdistan-region&Itemid=385
National - Iraq to pay expenses to oil firms in Kurdish region 20-Jan-11 [18:45] Peyamner PNA - The Iraqi oil ministry has agreed with its Kurdish counterpart to pay exploration costs and expenses to the foreign firms working in the northern Kurdish region, a spokesman for Iraq's oil ministry said on Wednesday. Oil Ministry spokesman Asim Jihad told Reuters that the State Oil Marketing Organisation (SOMO) will be responsible for payments to the companies, which will be made through the Kurdish Natural Resources Ministry. Iraq's central government confirmed on Tuesday it had reached an agreement with the Kurdish authorities to resume oil exports from the semi-autonomous region on Feb. 1, starting at a rate of 100,000 barrels per day. Reuters
Kurds to export oil starting in February BAGHDAD, Jan. 24 (UPI) -- Baghdad opened the door for foreign oil companies operating in the Kurdish north to get paid under a new deal for exports through Turkey, a spokesman said. The Iraqi Oil Ministry in a deal with the Kurdistan Regional Government paved the way for the resumption of oil exports starting in February. Read more...
OSLO, Jan 18 (Reuters) - Shares in Norwegian oil group DNO International extended gains on Tuesday after the Kurdish Regional Government said it had agreed with Baghdad to resume oil exports from the Iraqi region by the end of February. Shares in DNO, which has a field in Kurdistan, were up 6.01 percent to 9.52 crowns at 1042 GMT -- hitting their highest level in three weeks. Before the announcement the stock was up as much as 5 percent on unconfirmed reports of a deal, which would allow DNO to export up to 50,000 barrels a day from Iraq. http://www.xe.com/news/2011/01/18/1642521.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art12
Dr. Ashti Hawrami, Minister of Natural Resources of the Kurdistan Regional Government. “Kurdistan’s oil industry exports 100,000 barrels per day. There have been eight significant discoveries so far, with potential reserves estimated at 45 billion barrels.” “Over 40 foreign companies, from 17 different countries are committed to investing some £6.3 billion in the energy sector in the Kurdistan Region.” the governemnt estimates that Kurdistan has at least 100 trillion cubic feet of gas and the most conservative experts say at least 200 tcf maybemore. in term of metric units thats 3-6 trillion cubic metres(tcm). http://web.krg.org/uploads/documents/KurdistanTimes_2011__01.pdf
new oil field found in Kurdistan again a Hungarian oil company "kali gran" announced it has discovered oil between Khalifan and Harir sub-districts and drilling work will soon begin. the governor of Sharade district stated the company has brought in all the drilling equipments to commence drilling . he further said the company has signed the contract 6 months ago with KRG natural resources minister . he also said the same company discovered oil in the town of Akre-Bejil and according to the company this oil field is the continuous chain of oil fielf stretching from Akre to Khalifan. Khalifan district locates near the town of Soran which is located 92 kms north west of Erbil. http://www.aknews.com/ku/aknews/2/222618/
PUKmedia 12-03-2011 10:49:36 The District Commissioner of Soran in Erbil Province , announced the discovery of an oil field in the district by a team of local oil experts and a Bulgarian company. Kermanj Ezzat said:” The Bulgarian company “ Caleb”, is currently working on drilling a number of wells near the Iranian border, and the Ministry of Natural Resources in the Kurdistan Regional Government is conducting field studies in order to start extracting oil from the wells.
Iraqi Kurdistan’s top natural resources official has affirmed that the semiautonomous region is “very wealthy,” with present reserves of about 200 trillion cubic meters of natural gas and at least 70 years’ worth of oil. At a recent event to launch the ministry’s annual publication, Oil and Gas Year, Natural Resources Minister Ashty Hawrami said he expected Iraqi Kurdistan to be producing 300,000 barrels of crude oil per day (bpd) by the year’s end “We now have an agreement with the Baghdad government to export [at least] 100,000 bpd from Kurdistan, but this number could rise to 200,000 by the end of this year,” said Hawrami, adding that Iraqi Kurdistan’s total production by the year’s end was planned to be at 300,000 bpd, a third of which would not be exported. Hawrami did not seem concerned about ongoing disagreements over oil policies between the Kurdistan region and Iraqi Deputy Prime Minister for Energy Husein Shahristani. “The daily profit from the Kurdistan region’s oil is now $US10 million, and no one is going to refuse such money,” said Hawrami. “We have an agreement with the Iraqi government and Prime Minister Nuri Maliki, so Shahristani is free to say what he wishes. He cannot influence or cause any harm to the export of Kurdish oil.” The minister emphasized that Kurdistan was very wealthy in terms of oil and gas reserves. “I can say that we now have around 70 billion barrels of oil reserves, which will be sufficient to cover the Kurdistan region’s needs for the next 70 years,” he said. Furthermore, Hawrami said there were presently 200 trillion cubic meters of natural gas in the region, and this amount would easily supply the needs of all the factories and households in the region, including the cities bordering Iraqi Kurdistan. He said the extra gas would be used to produce a further 5000 megawatts of electricity within the next two years. “The use of [natural gas] is an essential step towards eradicating the electricity problem in Kurdistan permanently,” said Hawrami. Every day, more foreign companies were arriving to exploit the oil and gas resources of the region, and the Kurdistan Regional Government (KRG) had signed several agreements with such companies to assist in the development of this field, said Hawrami, adding that the problems between Baghdad and the KRG regarding foreign oil companies and their contracts and costs were on the way to being solved.
Marathon and Murphy are small oil companies. Not quite clear.. did they drill the well or just uncap it?
marathon oil drills its well and discovers oil as they go , so it means they are new oil discoverings not uncapped.
