Hess, Petroceltic to Explore Two Iraqi Fields in Kurdistan

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Hess, Petroceltic to Explore Two Iraqi Fields in Kurdistan (http://www.bloomberg.com/news/2011-07-27/hess-petroceltic-to-explore-two-iraqi-fields-in-kurdistan.html)

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By Brian Swint - Jul 27, 2011 2:14 AM GMT-0800

Hess Corp. (HES) (http://www.bloomberg.com/apps/quote?ticker=HES:US), the New York-based oil company, and Petroceltic International Plc (PCI) (http://www.bloomberg.com/apps/quote?ticker=PCI:ID) agreed to explore two fields in the Kurdistan region of northern Iraq.

The two companies signed a production-sharing agreement for the Dinarta and Shakrok blocks with the Kurdistan Regional Government, Dublin-based Petroceltic said in a statement today. Both blocks will be operated by Hess, with Petroceltic and the KRG each taking a 20 percent interest.

Iraq resumed oil exports from the semi-autonomous Kurdish region earlier this year, ending a yearlong halt caused by a dispute over oil revenue between local authorities and Baghdad. Kurdistan has attracted more than $10 billion in energy investments from more than 40 companies from 17 countries, Regional Government Prime Minister Barham Salih said on May 5.

“These highly prospective blocks add further high-impact exploration potential to our portfolio,” Petroceltic’s Chief Executive Officer Brian O’Cathain said in a statement. “While significant discoveries have already been made, the Kurdistan region of Iraq (http://topics.bloomberg.com/iraq/) remains a vastly under-explored area with huge potential.”

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Two American and Irish investing in the oil fields of Kurdistan province (http://translate.google.com/translate?hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.aknews.com/ar/aknews/2/254256/)

29/07/2011 16:53 29/07/2011 16:53

Erbil, July 29 (Rn) - U.S. oil company reached (Hess) and the oil company, Irish (Petrosaltic) to deal with the Kurdistan Regional Government, with the aim of exploration and investment in the oil fields of the province, as published by Bloomberg U.S..

According to the site, "The U.S. and Irish companies have signed with the provincial government to an agreement for investment and the distribution of imports in the field (Danarth) east of Dohuk and (Hkurok) east of Arbil."

The website quoted company Petrosaltic saying, "The fields Sadaran by the U.S. oil company (Hess), and you get each and every one of the company Petrosaltic and the Kurdistan Regional Government on 20% of the benefits."

He said the Prime Minister of Kurdistan, Barham Saleh, on the fifth of May / May, "The 40 companies belonging to 17 countries, is investing about 10 billion U.S. dollars in the field of energy in the province."

It is said that British Petroleum (Efren), the last week in buying a stake in the oil fields of Kurdistan province, worth U.S. $ 588 million.

The company has bought stakes in the fields of "Eye of Sova" and "Brdarsh" (32 km northeast of Nineveh), from the provincial government and a group of companies "Comet", and estimates are met oil fields about one billion barrels of oil, according to the newspaper (Telegraph) British.

Expects "Efraín" it can produce 75 000 barrels of light oil per day in the field of "Brdarsh", during the next five years.

The Kurdistan region has a huge stock of oil, and foreign investors had expressed reservations to work in Iraq because of the existence of differences between Baghdad and Erbil, but the Alastmthar opened the doors to foreign companies in the March / March.

From: Hadi dominated, see: Ehsan Aervani