KRG approves Iraq Atrush first phase oil development

The Kurdistan Regional Government has approved first-phase oil development of the Atrush block in Iraq’s Kurdistan Region by a group led by TAQA.

Production, authorized for 25 years, would start by early 2015 at 30,000 b/d of oil, and subject to appraisal drilling results, a potential Phase 2 development would include a second 30,000 b/d facility. The partners are preparing to drill a fourth well on the block.

The group drilled the Atrush-1 discovery well in 2011 about 50 miles northwest of Erbil. The development project will consist of drilling three production wells and constructing a central processing facility.

The partners will also evaluate the feasibility of producing associated gas for delivery to the domestic market.

TAQA Atrush BV, a subsidiary of TAQA, is the operator with a 39.9% working interest. ShaMaran Petroleum Corp., Vancouver, BC, has a 20.1% working interest through its wholly owned subsidiary ShaMaran Ventures BV, which is 100% owner of General Exploration Partners Inc. The KRG has 25%, and Marathon Oil KDV BV owns 15%.

Marathon noted that its asset portfolio in the Kurdistan region includes a 25% nonoperated working interest in the Sarsang block and a 45% operated working interest in the Harir and Safen blocks.

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