Tag Archives | oil reserves

Afren Slumps on Barda Rash Downgrade

By John Lee. Shares in Afren plc have fallen more than 20 percent on Monday morning, after the company provided the following update in relation to its sixty percent working interest in the Barda Rash field in the Kurdistan region of Iraq: An updated Competent Person's Report (CPR) of Barda Rash, carried out as part […]

The New Oil Production Targets

By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The New Oil Production Targets, New Terms and Implications Most petroleum professionals, including myself, had expressed their serious doubt about the suitability, attainability and sustainability of oil production plateau targets for many […]

West Qurna 2 Begins Production

By John Lee. Iraq's giant oil field West Qurna 2, with a minimum 14 billion barrels of recoverable reserves, began production on Saturday as Lukoil opened spigots to put 140,000 barrels a day onto the market. By the end of the year the field is set to produce 400,000 bpd, putting Iraq on track for […]

KRG Natural Resources Monthly Report

The KRG Ministry of Natural Resources (MNR) announces the publication of its first Monthly Report. The Report contains the latest information on production and export in the Kurdistan Region, domestic refining and consumption, well activity, rig counts and map, employment figures and updates on Production Sharing Contracts. The report will help interested citizens, companies and […]

KRG Outlines Oil Resources at Energy Forum

KRG Representative to Poland outlines Kurdistan’s oil resources at 8th Energy Forum Ziyad Raoof, the Kurdistan Regional Government Representative to Poland, highlighted Kurdistan’s oil and gas potential at the 8th Energy Forum, a landmark annual international conference. The Energy Forum is the biggest conference in Poland and one of the biggest in Europe devoted to […]

DNO Announces Increased Reserves

DNO International has released its Annual Statement of Reserves setting total remaining proved and probable (2P/P50) reserves at 520.3 million barrels of oil equivalent (MMboe) on a company working interest (CWI) basis as at yearend 2012. The comparable figures for yearend 2011, yearend 2010 and yearend 2009 were 371.9 MMboe, 194.2 MMboe and 149.4 MMboe, […]

ShaMaran: Increased Contingent Resources at Atrush

ShaMaran Petroleum has announced an update of estimated contingent and prospective resources for the Atrush block provided by third party auditors McDaniel & Associates prepared as at December 31, 2012 in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH). McDaniel estimates have taken […]

Heritage Oil Reserve Update

By John Lee. Heritage Oil, an independent upstream exploration and production company, has announced the publication of an independent Competent Person's Report ("CPR") compiled by industry specialists RPS Energy Consultants Limited ("RPS"). Trading in the company's shares remain suspended pending an acquisition. On 29June 2012, Heritage announced the proposed acquisition of a major interest in […]

WesternZagros's Kurdamir-2 Well More than Doubles Oil Resource Potential

WesternZagros Resources today announced an update of the Company's ongoing exploration and appraisal program, and a substantially revised Prospective Resource Assessment of the Eocene reservoir for Kurdamir. The Eocene reservoir is the second of the three targeted reservoirs in the Kurdamir-2 well (currently drilling). The revised assessment is based upon the Kurdamir-2 well encountering an […]

DNO Updates on the Company's Reserves; Shares Up

Shares in DNO International ASA, the Norwegian oil and gas company, closed up 6.7% on Thursday following an update on the company's resources. The company released updated estimates setting its remaining proved plus probable (2P/P50) company working interest reserves at 502 million barrels of oil (including condensate and other liquids) and 165 billion cubic feet […]

Iraq Could Have 214bn Barrels of Oil

Iraq could have total oil reserves to 214 billion barrels, according to the country’s Deputy Prime Minister with responsibility for energy. Hussain al- Shahristani (pictured) made the statement today at the Iraq Refinery conference in London. Current proven oil reserves were revised up to 143 billion barrels in October 2010, not including oil in the […]

Crude Oil Reserves 'Expected to Double'

The Oil Ministry expects that Iraq's crude oil reserves will double, the ministry's official spokesman said on Wednesday. "The definite crude oil reserves (143 billion barrels) will double ... due to the ministry's activities in exploration and Iraq's oil licences," Aasem Jihad told Aswat al-Iraq news agency. "We hope that Iraq's fourth round of oil […]