Maersk Oil acquires two exploration blocks in Kurdistan

Posted on 23 January 2014

The Kurdistan Regional Government has approved Maersk Oil’s acquisition of a 40% non-operating interest in the Piramagrun and Qala Dze production sharing contracts (PSC) from Repsol Oriente Medio. The Piramagrun and Qala Dze blocks are located approximately 150 km east of Erbil, the regional capital of Kurdistan.

Repsol will continue to operate exploration activities and also hold a 40% interest. The Kurdistan Regional Government will hold the remaining 20% share of each block. During 2012, Repsol undertook a significant 2D seismic acquisition program, which identified a number of drilling targets. In November 2013, work commenced on the Zewe-1 exploration well, and drilling in the Qala Dze PSC is expected to begin in the early part of 2014.

With over 7 billion bbl of recoverable oil discovered since 2004 and an estimated 40-45 billion bbl of prospective resources based on a 2000 US Geological Survey, Kurdistan is a highly prospective hydrocarbon region.

“Being present and active in one of the world’s most promising and prolific exploration basins is a fundamental part of Maersk Oil’s strategy,” Jakob Thomasen, CEO of Maersk Oil said. “We are on a journey to increase entitlement production to 400,000 barrels of oil per day by 2020. We expect our position in Kurdistan Region of Iraq to help us sustain the target production level beyond 2020.”

Maersk Oil has been present in the Sarsang block in the Kurdistan Region of Iraq since 2011 with its 30% shareholding of HKN Energy.

 

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 26 November 2014

    US EIA: Increase in energy demand requires 33 million bbl/day more oil

    The world is going to need one-third more oil between 2010 and 2040, with developing countries, such as China and India, accounting for a major portion in the increase in...

  • 25 November 2014

    Prescriptive Analytics prescribes how to complete wells to maximize production

    "Big data" is taking on a new role in industry, where companies are combining the findings from geology and geophysics with new data collected from advanced technologies...

  • 25 November 2014

    Petrobras completes drilling first appraisal well in Libra Consortium

    Petrobras recently completed drilling the first appraisal well in the Libra area, the 3-BRSA-1255 (3-RJS-731), known as NW1. Located in the Northwest portion of the Libra block, in the pre-salt layer of the...

  • 24 November 2014

    Ensign secures contracts for 2 ADR 1500S pad drill rigs in Montney area

    Ensign Energy Services has signed contracts for two of its new ADR 1500S pad drill rigs for a major operator in the Montney area of northeast British Columbia...

  • 21 November 2014

    Statoil cancels Stena Carron rig contract offshore Angola

    Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola...

  • Read more news