.Canadian firm announces major oil discovery in Iraq
OTTAWA (AFP) — Canadian oil exploration firm Heritage Oil on Wednesday announced a major oil discovery in the Kurdistan region of northern Iraq, estimated to contain up to 4.2 billion barrels.
The Miran West field holds between 2.3 to 4.2 billion barrels of oil, the company said in a statement, but the "highly fractured nature" of the reservoir means only 50 to 70 percent of it is recoverable.
Even so, Heritage Oil president Tony Buckingham said the discovery marks a "significant development milestone" for the company.
The Miran West field together with the neighboring Miran East field, covering 330 square kilometers (127 square miles), have the potential to deliver "significant value," he said.
Trucking of crude oil production from Miran West is expected to start by year-end, with each oil well built capable of producing from 10,000 to 15,000 barrels per day, Heritage said.
"This is excellent news and we look forward to the Miran field exporting oil later this year," said Ashti Hawrami, the Kurdistan regional government's minister of natural resources.
"This will mean that the Miran field in the Kurdistan Region of Iraq will make a further contribution to Iraq's oil revenue to be shared by all peoples of Iraq," he said.
Heritage holds a 75 percent interest in the Miran licenses, with Genel Energy International Limited holding the other 25 percent.
Its share price climbed 21 percent to 9.65 Canadian dollars (8.20 US) in morning trading in Toronto. The Calgary-based firm's shares also trade in London.
The company is engaged in oil exploration in Uganda, Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali, and has a producing property in Russia.
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The Miran West field holds between 2.3 to 4.2 billion barrels of oil, the company said in a statement, but the "highly fractured nature" of the reservoir means only 50 to 70 percent of it is recoverable.
Even so, Heritage Oil president Tony Buckingham said the discovery marks a "significant development milestone" for the company.
The Miran West field together with the neighboring Miran East field, covering 330 square kilometers (127 square miles), have the potential to deliver "significant value," he said.
Trucking of crude oil production from Miran West is expected to start by year-end, with each oil well built capable of producing from 10,000 to 15,000 barrels per day, Heritage said.
"This is excellent news and we look forward to the Miran field exporting oil later this year," said Ashti Hawrami, the Kurdistan regional government's minister of natural resources.
"This will mean that the Miran field in the Kurdistan Region of Iraq will make a further contribution to Iraq's oil revenue to be shared by all peoples of Iraq," he said.
Heritage holds a 75 percent interest in the Miran licenses, with Genel Energy International Limited holding the other 25 percent.
Its share price climbed 21 percent to 9.65 Canadian dollars (8.20 US) in morning trading in Toronto. The Calgary-based firm's shares also trade in London.
The company is engaged in oil exploration in Uganda, Iraq, the Democratic Republic of Congo, Malta, Pakistan, Tanzania and Mali, and has a producing property in Russia.
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