Weston
04-24-2006, 08:35 PM
Ivanhoe Energy, found the report about them drilling and testing Qaiyarah oil field (near kurdistan) this is from their most recent 10-k / 10-q
* Iraq
In October 2004, we signed an MOU with the Ministry of Oil of Iraq to
study and evaluate the shallow Qaiyarah oil field in Iraq. The field's
reservoirs contain a large proven accumulation of 17.1o API heavy oil at
a depth of about 1,000 feet.
We will evaluate the potential response of the Qaiyarah oil field to the
latest in EOR techniques, along with the potential value that could be
added using the RTPTM Technology to produce higher quality, more
valuable crude oil. The work will include an assessment of the
oil-in-place in the reservoirs, and the optimum EOR and heavy oil
processing methods to establish economically recoverable volumes at the
Qaiyarah oil field.
The reservoir assessment has been completed and various recovery methods
have been evaluated. Facility design work is currently progressing and
once complete, an economic evaluation will follow. If the evaluation
studies indicate development of the field is economically viable, we
will present a development plan and offer a commercial proposal to
implement an EOR program for the Qaiyarah oil field. We expect to submit
our proposal to the Iraq Ministry of Oil in the second half of 2006. The
Iraq Ministry of Oil is under no obligation to execute the project or to
enter into formal commercial negotiations at the completion of our
study.
We invested $1.7 million and $0.2 million in 2005 and 2004,
respectively, on the Qaiyarah heavy oil field project. In addition, we
invested $1.1 million and $1.8 million in 2005 and 2004, respectively,
on other projects in Iraq including submission of four bids for the
engineering, design and procurement of oil production facilities and EOR
development projects. Our bids are still under consideration by the Iraq
Ministry of Oil.
I bought in because of that and they do have other fields across China / California so they do make money
* Iraq
In October 2004, we signed an MOU with the Ministry of Oil of Iraq to
study and evaluate the shallow Qaiyarah oil field in Iraq. The field's
reservoirs contain a large proven accumulation of 17.1o API heavy oil at
a depth of about 1,000 feet.
We will evaluate the potential response of the Qaiyarah oil field to the
latest in EOR techniques, along with the potential value that could be
added using the RTPTM Technology to produce higher quality, more
valuable crude oil. The work will include an assessment of the
oil-in-place in the reservoirs, and the optimum EOR and heavy oil
processing methods to establish economically recoverable volumes at the
Qaiyarah oil field.
The reservoir assessment has been completed and various recovery methods
have been evaluated. Facility design work is currently progressing and
once complete, an economic evaluation will follow. If the evaluation
studies indicate development of the field is economically viable, we
will present a development plan and offer a commercial proposal to
implement an EOR program for the Qaiyarah oil field. We expect to submit
our proposal to the Iraq Ministry of Oil in the second half of 2006. The
Iraq Ministry of Oil is under no obligation to execute the project or to
enter into formal commercial negotiations at the completion of our
study.
We invested $1.7 million and $0.2 million in 2005 and 2004,
respectively, on the Qaiyarah heavy oil field project. In addition, we
invested $1.1 million and $1.8 million in 2005 and 2004, respectively,
on other projects in Iraq including submission of four bids for the
engineering, design and procurement of oil production facilities and EOR
development projects. Our bids are still under consideration by the Iraq
Ministry of Oil.
I bought in because of that and they do have other fields across China / California so they do make money