Gulf Oil and Gas accountACCOUNT

Genel Energy Provides Update on Sarta and Qara Dagh

Source: www.gulfoilandgas.com 2/28/2019, Location: Middle East

Genel Energy plc has announced that approval has been given by the Kurdistan Regional Government ('KRG') regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh blocks, in the Kurdistan Region of Iraq.

The acquisitions have now closed and Genel therefore has 30% equity in the Sarta PSC, with Chevron holding 50% and the KRG the remaining 20%. Final investment decision relating to Sarta phase 1A development has now been taken.

Phase 1A begins with two wells, recompleting the Sarta-2 well and placing the Sarta-3 well on production, both of which flowed approximately 7,500 bopd on test, and the construction of a central processing facility with a 20,000 bopd capacity. Another well is expected to follow within twelve months of first oil, and further production capacity will be added as the field is developed and production ramps up. First oil is expected in 2020, with a total cost to Genel estimated at $60 million to the end of 2020.

Genel has booked an initial 10 MMbbls of net 2P reserves relating solely to this preliminary phase of the project. Unrisked gross mid case resources relating to the Mus-Adaiyah reservoir only are estimated by Genel at c.150 MMbbls, with overall unrisked gross P50 resources currently estimated by the Company at c.500 MMbbls.

Genel now holds 40% equity in the Qara Dagh PSC and is the operator, with Chevron holding 40% and the KRG the remaining 20%. Work is underway on assessing the optimal location for the Qara Dagh-2 well, which is set to be drilled in 2020. Unrisked gross mean resources at Qara Dagh are currently estimated by Genel at c.200 MMbbls.

Acquisitions and Divestitures News in Iraq >>

Canada >>  2/19/2020 - Calima Energy Limited (CE1) (Calima) owns and operates drilling and production rights in British Columbia (”Calima Lands”). The Company is pleased to ...
Vietnam >>  2/14/2020 - KrisEnergy has announced that its wholly-owned subsidiary, KrisEnergy (Vietnam 115) Ltd, has entered into a farm-out agreement with a major internatio...

Ireland >>  2/13/2020 - Providence Resources P.l.c., the Irish based Energy Company provides the following corporate update. ...
United Kingdom >>  2/13/2020 - i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update. ...

Nigeria >>  2/12/2020 - Zenith Energy Ltd. has entered into final stage negotiations with a national oil authority to secure a material oil production license in West Africa....
Norway >>  2/11/2020 - Aker BP has entered into an agreement with PGNiG Upstream Norway AS to swap its 3.3 percent interest in the non-operated Gina Krog field and an 11.917...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.