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Gazprom Neft: Oil output in Iraqi Kurdistan reached 3 million tonnes

Christian Fernsby |
Gazprom Neft said it had produced 3 million tonnes of oil since beginning commercial operations at its Sarqala oilfield in Iraq’s Kurdistan region.

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Gazprom Neft said its current daily production at the oilfield stood at 4,000 tonnes, or 30,500 barrels.

Gazprom Neft said that they and Repsol are developing a joint venture to conduct geological exploration at six license blocks in the Karabashsky zone of the Khanty-Mansi Autonomous Okrug.

The joint venture will be established through Karabashsky-6 LLC, owned by Gazprom Neft, which holds geological prospecting licenses to six blocks in the south—west of the Khanty-Mansi Autonomous Okrug.

Repsol will acquire a 50.1-percent share in the company’s equity once both parties have fulfilled all conditions precedent under the contract, including securing corporate approvals.

Under the terms of the Shareholders Agreement the joint venture will be managed by both parties, on an equal footing.

The joint venture will hold the rights to the Karabashsky-17, −18, −19, −25, −26 and −27 blocks, together covering a total area of approximately 1,600 square kilometres.

All of these are located in the Kondinsky District of the Khanty-Mansi Autonomous Okrug, and all are marked by very limited levels of geological investigation.

Promising assets adjoin these sites, licenses for which are held by other Gazprom Neft and Repsol joint ventures: Evrotek-Yugra and ASB Geo.

Synergies with new territories will allow the partners to establish a major exploration and subsequently oil-production cluster in the Karabashsky zone of the Khanty-Mansi Autonomous Okrug.

Preparations for geological prospecting at six Karabashsky blocks were started in 2019, with 2D seismic works planned for 2020.

The operator on this project is Evrotek-Yugra, which has a professional team with extensive skills and experience in geological prospecting works within the Karabashsky zone.

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