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.