Black Diamond, Rezhwan Refinery Joint Venture

The field is covered by good quality 3D seismic data, but sectors to the northwest and southeast are undrilled or sparsely drilled.

Genel Energy is comfortable estimating a recovery factor of 30-40%, and it believes that ultimate recovery from Taq Taq field could reach 1 billion BBL.

Black Diamond work force includes a plethora of trucks moving the crude oil from the Taq Taq field, which is the bottleneck to increasing production to its refinery in Erbil for the reselling of the refined product petroleum, which is picked up and sold daily.

The good news for Black Diamond partners is with a production of 3000 tons being refined into gasoline on a daily bases the joint venture partners will split giant profits.

Black Diamond investment partners will keep 70.5% of the gross profits earning $180,000 USD per day on a small $60 dollar per ton profit for new petroleum, while Rezhwan will keep the difference after expenses.

Few can deny the tremendous developmental potential Iraq’s oil reserves provide to its people. Erbil’s production is now among the largest in OPEC, and is why Black diamond partners put up the money to buy the above ground crude for the refinery.

According to OPEC, Iraq's resources of 143 billion barrels of crude oil and 126.7 trillion cubic feet of gas are the fourth largest in the world after Venezuela, Saudi Arabia and Iran. However, Iraq's oil production is almost half that of Iran, meaning there is plenty of room for growth.

3 Responses to Black Diamond, Rezhwan Refinery Joint Venture

  1. Ted Henry Williams 17th April 2014 at 05:48 #

    The Black Diamond Group has been around for a long time. There founder has been very lucky in Sukothai Thailand with the largest oil find in the Queens sirikit Thailand . The fact is I know from doing business with the group they have unlimited financial capabilities. So it would not surprise me that this group would start refining huge amounts of crude while becoming a huge force in Iraq.

  2. Ernest 17th April 2014 at 07:50 #

    It might be worth looking into the legitimacy of the claims made in this press release. Aside from the unorthodox wording of the release, it seems that Mr. Flynn and Black Diamond have been run out Thailand and the Philippines for conducting scams by fielding 'investors' for made up projects. While this page seems less than objective (http://oneworld.org.ph/investor-letter-2/), this video of him asking for money for a venture that never happened seems pretty damning (if not just odd): https://www.youtube.com/watch?v=YU5cHGcpdaI

  3. Ernest 17th April 2014 at 12:25 #

    Sorry Ted--I think you're getting scammed. The MNR just announced that the project doesn't exist. http://www.basnews.com/en/News/Details/MNR-rejects--spurious--claims-of-oil-deal-with-Black-Diamond-Co/17917