Oil discovery confirmed in Iraqi-Kurdistan
More oil has been discovered in Iraqi-Kurdistan
Click here to add Genel Energy as an alert
Disable alert for Genel Energy,
Click here to add Iraqi government as an alert
Disable alert for Iraqi government,
Click here to add John Hurst as an alert
Disable alert for John Hurst,
Click here to add Kurdish government as an alert
Disable alert for Kurdish government
A rapid oil appraisal program is under way in the Kurdish region of Iraq following a successful test of a second well, Genel Energy said.
Anglo-Turkish company Genel Energy announced its second test in the Chia Surkh 10 well yielded a sustained preliminary flow rate of 3,200 barrels of oil per day and 8.4 million cubic feet of natural gas.
The test confirms that Chia Surkh is a
significant oil discovery, Genel said. Early this month, the company said it reached a test rate of 11,950 barrels of oil per day from its first of five exploration wells in the Chia Surkh discovery area.
Genel Director of Exploration John Hurst said the second test in the Chia Surkh region gives the company reason for optimism.
We will continue with our rapid appraisal and development program, including the first appraisal well now under way and will be evaluating and drilling a number of other prospects we have in the Chia Surkh license, he said in a statement.
The semiautonomous Kurdish government gave Genel permission in January to export crude oil to Turkey by road shipments. Genel is working to convert a natural gas pipeline to facilitate additional oil deliveries.
Oil flow through the 600-mile Kirkuk-Ceyhan pipeline was disrupted this week when militants attacked the pipeline in Iraq.
Export restrictions had been in place as a sign of growing frustration with the central Iraqi government over oil laws in the country.
- OPEC's poor history of compliance will make production cut deal a challenge
- Jordan raises $400M for first phase of Red-Dead project
- Tunisia 2020 investment conference: 145 mega projects on offer
- Coca-Cola inaugurates $20M bottling plant in Gaza
- GCC tax on expats' income and remittances would be highly regressive: IMF
- Iraqi Kurdistan standoff escalates as Kurds fire on Baghdad helicopter
- An inside view into Turkey's multibillion dollar deal with Kurdistan that is threatening to break up Iraq
- Unocal Vietnam confirms natural gas discovery
- Grand expectations: aiming to become the world's fastest growing economy, Iraq commits to $145 billion worth of oil projects
- The 'oil curse' just became more real: how oil smuggling in financing the ISIS’ operations