Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The reserves were estimated using forecast prices and costs.
The sales oil price was based on the McDaniel January 1, 2014 price forecast for Brent crude oil with a discount of 40 percent in 2014 and 2015, 35 percent in 2016, 30 percent in 2017 and 25 percent in 2018 onwards.
The initial discount to Brent was based on published sales prices in the Kurdistan Region of Iraq from 2013 and equates to an oil price of US$ 63.00 per barrel in 2014. Costs were escalated at 2 percent per annum. Oil pricing is uncertain and any eventual announcement of sales and pricing of exported Kurdish crude during 2014 together with the Kurdish export pipeline becoming fully operational will impact on future price scenarios.
The updated estimates of contingent resources for the Atrush block are as follows:
Dear All /first of all congratulation for ShaMaran for this achievement as a result of challenge spirit to explore crude oil and hope when we will know the time for beginning CRUDE OIL PROCESSING CPF suppose to be announce after drilling and processing before exporting
My name is GEORGE IBRAHEEM YOKHANA /Iraq Branch Manager for Samsung engineering company in Baghdad and my e-mail is :[email protected]