Project Profile
Value: Undisclosed
Location: Sulaymaniyah Governorate of the Kurdistan Region of Iraq
Reserves: best estimated contingent reserves of 121 MMBOE and prospective reserves of 218 MMBOE for a total of 339 MMBOE
Area: 985 sq km
Start-up Year: -
The Block covers approximately 985 square kilometres, in the Sulaymaniyah Governorate of the Kurdistan Region of Iraq. The Block contains a historical discovery as well as multiple exploration prospects. As at December 31, 2010, the company had independent resource estimates updated by DeGolyer and MacNaughton Canada Limited to incorporate the recently updated seismic data. The updated resource assessment resulted in best estimated contingent reserves of 121 million barrels of oil equivalent (MMBOE) and prospective reserves of 218 MMBOE for a total of 339 MMBOE. This represented a 260% increase from the best estimate perspective reserves of 138 MMBOE reported for December 31, 2009. In 2009, Petoil signed a PSC for the exploration, development and production of petroleum resources of the Chia Surkh field. Petoil holds an interest of 20% in the project which is being operated by Petoil’s Canadian partner Forbes & Manhattan (Kurdistan) Inc. In October 2015, Genel Energy sold a fiurther 20% participating interest in the PSC to Petoil. As consideration for the sale of the 20% interest, Petoil will carry Genel’s share of the costs associated with the Chia Surkh-12 (‘CS-12’) appraisal well.
Operators:
Petoil: Operator with 80% interest
Kurdistan Regional Government (KRG): 20% interest
Contractor:
DeGolyer and MacNaughton Canada Limited: Seismic Data