Iraq: Niko notes relinquishment of Qara Dagh block

Canadian companies that held interests in the Qara Dagh block in Iraq’s Kurdistan region relinquished the block in late 2012.

The companies in November 2012 entered into an agreement with the Kurdistan Regional Government to surrender their collective interests. Niko Resources Ltd., which was block operator and held a 49% working interest, recognized a $39 million asset impairment in the first quarter of its fiscal 2013 when it reassessed the recoverable amount of the block exploration and evaluation asset. The relinquishment was in exchange for proceeds equal to the carrying amount of the asset.

Pursuant to the agreement, none of the consortium partners have any future obligations or liabilities with regard to the original production sharing agreement, and Niko expects to recover $15 million.

Besides Niko, interests in the block were Calgary firms Vast Exploration Inc. 25% and Groundstar Resources Ltd. 6%. The KRG had a 20% carried interest.

Related Articles

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/19/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

CNOOC makes gas discovery in Qiongdongnan basin

03/19/2014

CNOOC Ltd. has made a natural gas discovery in the east Lingshui Sag of the deepwater area in the South China Sea’s Qiongdongnan basin.

Cairn, FAR to drill exploration wells offshore Senegal

03/19/2014

FAR Ltd., Perth, will participate in the drilling of two deepwater exploration wells offshore Senegal next month.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected