Marathon Expects Kurdish Oil Production by 2015

On Thursday, Marathon Oil Corp. said it expects to start producing oil from its operations in the Kurdish region of Iraq within the next two years. The company posted an 8.4 percent increase in net income for the second quarter of 2013, according to its quarterly report.

According to UPI, the company said it is planning further development of the Atrush reserve area in the Kurdish region of Iraq, and that it notified the Kurdish government in May the prospect had commercial potential.

“The development plan is currently under review with final approval expected in the third quarter of 2013,” the report stated. “We anticipate first production in 2015.”

Marathon holds a 15 percent stake in the Atrush area, and is working on testing programs at other assets in the Kurdish region. Marathon started exploratory drilling campaigns in a well in the region in March.

The semi-autonomous Kurdish north has been shielded from much of the violence plaguing Iraq, but its government is at odds with the national government over who controls the country’s oil sector.

(Source: UPI)

 

4 Responses to Marathon Expects Kurdish Oil Production by 2015

  1. Cristiano Ronaldo August 12, 2013 at 8:59 am #

    The Atrush oilfield is very interesting since obviously it is linked with adjacent oil fields and possibly is giant or very huge oilfield and we are at the beginning of the exploration with only two wells.
    In all adjacent wells the prospecting oil companies have found either gas or oil. None has been dry!
    There are oil in the Crestaceous, Jurassics and soon it will confirmed in the Triasic. All that above a gigantic aquifer which makes the pumping of oil very cost effective.
    Congratulations to the KRG and all of the Kurdistan!