OMV group declares Iraq Bina Bawi field commercial

A group led by OMV AG has submitted a declaration of commerciality for Bina Bawi field east of Erbil in the Kurdistan Region of Iraq to the Ministry of Natural Resources of the Kurdistan Regional Government.

The company launched an extended well test of the Bina Bawi-3 well on Mar. 20, 2013. Initial capacity is about 5,000 b/d of oil equivalent. Equipment is in place to allow expansion to 10,000 boe/d as extensive tests of the Bina Bawi-4 and 5 wells are conducted in the second quarter of 2013.

The group, operated by OMV with 36% interest, Genel Energy PLC 44%, and the KRG 20%, will prepare a field development plan for submission to the ministry in the third quarter of 2013.