Total SA has acquired a 20% participating interest in the Taza PSC in the Kurdistan Region of Iraq from ShaMaran Petroleum Corp., Vancouver, BC.
Consideration is $48 million (US) plus reimbursement for costs incurred on joint operations from Apr. 1, 2012, until closing.
Oil Search (Iraq) Ltd., operator of the Taza block with 60% participating interest, is drilling the Taza-1 exploratory well 80 km southwest of Sulaimaniya. Projected total depth is 3,250 m. Oil Search and ShaMaran carried the KRG for the remaining 20% interest in the block.