Oryx sells first offtakes from Demir Dagh in Iraq

Oryx Petroleum Corp. Ltd., Calgary, has sold its first offtakes of crude oil into the domestic market from the Demir Dagh field in the Hawler license area in the Kurdistan Region of Iraq (OGJ Online, Nov. 11, 2013).

The company recorded its first lifting of crude oil on June 20, and through June 22, the company has recorded liftings totaling 3,300 bbl of crude oil. The liftings are pursuant to a short-term agreement to sell crude oil to a third party marketer designated by the Ministry of Natural Resources (MNR) of the Kurdistan Regional Government.

The Demir Dagh crude oil has been sold at a price of just less than $60/bbl as determined by the MNR, reflecting local market pricing dynamics and the medium sweet quality of the crude oil.

In accordance with the crude sales agreement, Oryx is paid in advance on a regular basis throughout the term of the agreement for scheduled liftings. Liftings are continuing and are scheduled to ramp-up over the term of the agreement, Oryx says. 

The company says it expects the agreement will be renewed at the end of its term, consistent with domestic sales practices in the Kurdistan Region of Iraq.

Oryx is operator of Hawler with 65% participating and working interest.

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