Oil Search Provides Updates on Taza PSC

Source: www.gulfoilandgas.com 8/21/2014, Location: Middle East

Oil Search reports that, preparations were underway to temporarily suspend the Taza 2 appraisal well. As indicated in Oil Search’s 2014 First Half Results (released 19 August), the recent increase in regional tensions has interrupted the Company’s ability to deploy skilled technicians, equipment and materials to theTaza 2 well site. As such, in consultation with Kurdistan’s Ministry for Natural Resources, a decision has been made to temporarily suspend the well until the long-term integrity of the Company’s supply chain is safely re-established.

The security situation in the Taza area remains stable and our other operations, including rigging up at theTaza 3 appraisal well site and the 3D seismic acquisition programme, continue uninterrupted. Oil Search is monitoring the security situation closely and 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 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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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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