By OGJ editors
HOUSTON, Mar. 6 -- The government of the Autonomous Region of Kurdistan, Iraq, has entered into a second memorandum of understanding (MOU) with K Petroleum Co. (KPC) for integrated reservoir field studies in northeastern Iraq, reported Heritage Oil Corp.
Heritage and Kurdish firm Eagle Group are equal joint venture partners of Heritage Erbil Oil Ltd., the parent company of KPC.
The MOUs cover a combined 1,300 sq km. More than 100 prospects have been identified (OGJ Online, Sept. 29, 2005).
Preliminary negotiations to convert both MOUs into production sharing agreements have begun and are expected to be completed in the next 3 months.
Field work in the first MOU area began in January. The planned 120-day field program includes magnetic and gravity studies and geological work.
KPC plans to start studies in the second MOU area shortly. The work includes regional studies, geological field mapping, magnetic and gravity surveys, and satellite data interpretation.
