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

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

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

03/24/2014 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,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

CNOOC makes natural gas discovery in Bohai Bay

03/24/2014 CNOOC Ltd. has made what it describes as a “mid-sized” natural gas discovery in the Bozhong 22-1 structure in the south-central region of Bohai Bay.

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