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Major New Oil Discovery in Iraqi Kurdistan

Major New Oil Discovery in Iraqi Kurdistan

WesternZagros Resources has made a major oil discovery in the Oligocene reservoir at the Kurdamir-2 exploration well in the Kurdistan Region of Iraq.

The Kurdamir-2 well has reached the intermediate casing depth of 2,812 metres, and has drilled through the Oligocene interval. Wireline logs indicate a porous zone of 140 metres thickness within the Oligocene interval, between 2,422 and 2,562 metres, all of which is hydrocarbon bearing. Within this hydrocarbon zone, well log data indicates 22 metres of gross natural gas pay above 118 metres of gross oil pay. No evidence of water has been encountered within the Oligocene interval.

“We are excited to learn that the Kurdamir and adjacent Topkhana structures have a common oil leg in the Oligocene reservoir with the potential of containing a giant oil and gas field. We’re even more excited by the fact that we don’t yet know the full extent of the resources that the Oligocene, alone, contains,” said Simon Hatfield (pictured), WesternZagros’s Chief Executive Officer.

“Our 100% drilling success rate continues with this major oil discovery. The Kurdamir-2 discovery is the third high-impact discovery on our Blocks in ten months and is an important confirmation of our queue of high-quality, light oil exploration opportunities. In particular, our view is that this discovery significantly improves the oil potential of the deeper, as yet undrilled reservoirs in Kurdamir-2 and also those prospects adjacent to Kurdamir on our Garmian Block.”

When the well reached a depth of 2,477 metres, a drill stem test was conducted of the open hole from the base of the 13 5/8″ liner at 2,315 metres to 2,477 metres, which included 55 metres of the Oligocene porous zone. This test was conducted across the interpreted gas-oil contact at 2,444 metres and tested 22 metres of gas pay in contact with 33 metres of oil pay. The test achieved a flow rate of 7.3 million cubic feet per day of gas and a stabilized flow rate of 950 barrels per day of 47 degree API mixture of light oil and condensate over the final seven hours of the main flow period. This rate was achieved through a 56/64 inch choke at an average flowing well head pressure of 650 pounds per square inch and without any stimulation.

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Major Discrepancy in Kurdistan Oil Figures

Major Discrepancy in Kurdistan Oil Figures

The Kurdistan Regional Government (KRG) has said Baghdad must investigate a difference of about 35,000 bpd of crude oil exports from the region that is failing to appear in the national total, and demands payment of over $1 billion owed.

The full text of the KRG statement follows:

Oil exports from the Kurdistan Region in Iraq have been averaging 90,000-100,000 barrels per day in 2012, from fields at Taq Taq, Tawke, Khormor and Khurmala.

However, the Ministry of Oil spokesman in Baghdad has made repeated claims that only 65,000 barrels per day are being exported from the Kurdistan Region. He claims that the federal government is suffering daily financial losses as a result.

If the Oil Ministry’s claims are correct, this means that between 25,000-35000 bpd are being lost in the process of SOMO (the State Oil Marketing Organisation) receiving oil from the Kurdistan Regional Government and taking it to market. The KRG believes that this discrepancy should be investigated immediately in case somebody is creaming off the difference between the oil received and the oil sold.

Responsibility for any shortfall in federal revenues from KRG oil exports lies fully with the Ministry of Oil and the federal government in Baghdad for failing to meet their obligations and honour their payment commitments to the KRG.

During negotiations for the 2012 Iraq federal budget, the government in Baghdad asked the KRG to commit to export levels of 150,000 bpd. The KRG instead offered to export 175,000 bpd provided that payments to contractors were honoured without interruption.

This has not happened. No payment has been made by the federal government since May 2011. It owes the KRG more than $1billion for revenues accrued in 2011. Furthermore, not a single dollar has been received for exports in 2012.

The 175,000 bpd target is possible and the Region could even increase to 250,000 bpd, but only if the federal government honours its payment agreements. Otherwise, even the 90,000-100,000 barrels per day currently being exported will decline and eventually cease.

(Source: KRG)

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Cyprus Airways to Resume Flights to Kurdistan

Cyprus Airways to Resume Flights to Kurdistan

Cyprus Airway is expected to resume flights to Iraqi Kurdistan next month, reports AKnews.

The carrier is planning to re-launch flights to Erbil on April 11, according to Erbil International Airport‘s relations adviser Andrew Jones.

Cyprus Airway operated four flights to Erbil in July last year but then stopped the service.

Cyprus Airway will operate one flight per week from the southern coastal city of Larnaca to Erbil and have also been authorized by Erbil airport to operate up to three flights per week, Jones added.

In January this year Erbil International Airport reported a 37 percent increase in travelers using the airport in 2011.

In a statement Erbil airport manager Talar Fayaq said more than 620,000 people used the airport in 2011. She predicted the airport could see further increases in the number of visitors and the amount of transported goods in 2012.

(Source: AKnews)

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Kurdistan to Produce 400,000 bpd by End-2012

Kurdistan to Produce 400,000 bpd by End-2012

AKnews reports that Iraqi Kurdistan will be able to produce 400,000 barrels per day (bpd) of crude oil by the end of the year, an increase of 128% from current 175,000 bpd.

“The successful policies of the KRG has made it possible for the region to start from scratch and is now capable of produce 175,000 bpd,” the Minster of Oil and Natural Resources, Ashti Hawrami, said on Monday.

“At this rate, by the end of this year our daily production will hit 400,000 bpd. We have plans to increase our production capacity to one million bpd by 2014, and two million bpd by 2019.”

Currently, 48 companies from 18 countries work in the oil and gas sector in Kurdistan.

(Source: AKnews)

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