Iraq: Oil Search, ShaMaran convert K42 to Taza PSC

Oil Search (Iraq) Ltd. exercised an option under a July 2009 option agreement with the Kurdistan Regional Government to enter into a production sharing contract covering the Taza block, formerly K42, in Iraq’s Kurdistan Region.

By OGJ editors
HOUSTON, July 28
– Oil Search (Iraq) Ltd. exercised an option under a July 2009 option agreement with the Kurdistan Regional Government to enter into a production sharing contract covering the Taza block, formerly K42, in Iraq’s Kurdistan Region.

Oil Search operates the block with 60% working interest. ShaMaran Petroleum BV has 20%, and the KRG has a 20% carried interest. Taza covers 511 sq km between the Pulkhana block to the southwest and the Kor Mor block operated by Dana Gas to the northeast.

Under the option agreement, the joint venture shot 232 line-km of 2D seismic data in 2010 that identified a large four-way dip closed structure. This closure lies on structural trend with giant, producing Jambur field to the northwest, with reported reserves of more than 1 billion bbl of oil, and the Western Zagros Sarqala oil discovery to the southeast, with reported test rates of more than 9,000 b/d of oil from the Jeribe formation.

The Jeribe will be one of the main targets for the upcoming exploratory well on the identified
prospect on Taza, expected to be drilled in 2012.

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