Oil Search Provides Updates on Taza PSC

Source: www.gulfoilandgas.com 8/14/2014, Location: Middle East

Oil Search reports that, well stabilisation operations were ongoing in response to experiencing both losses and a hydrocarbon influx in the previous week. Once the well is fully stable, planned operations will continue.

The security situation in the Taza area remains stable and, at present, rigging up on the Taza 3 appraisal well and the 3D seismic acquisition programme continue uninterrupted. Oil Search continues to monitor the security situation closely, in liaison with Kurdistan Government authorities. Precautionary measures are in place to enable all operations to be suspended safely and personnel demobilised, if required.

Taza 2 is located 10 kilometres north-west of Taza 1 and is designed to appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Jeribe/Dhiban and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation. Taza 2 is located 10 kilometres north-west of Taza 1 and will appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Dhiban/Jeribe and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.

The participants in Taza 1 are:
- Oil Search (Iraq) Limited 60%
- Total E&P Kurdistan Region of Iraq (Taza) B.V. 20%
- Kurdistan Regional Government (KRG) 20%

Oil Search’s funding interest is 75%, with the KRG carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) B.V.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects


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