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.