UK listed oil operator Genel Energy Plc has completed the acquisition of stakes in two oil blocks in the Kurdistan region of Iraq.
Genel have announced that the Kurdistan Regional Government has approved their acquisitions in the Sarta and Qara Dagh oil blocks. The company will own a 30% stake in Sarta, with Chevron holding 50% and the KRG the remaining 20%, while Genel will share a 40% split of Qara Dagh with Chevron, with the KRG again holding a 20% stake.
At Sarta, phase 1A of drilling is underway at two wells, with testing achieving oil flows of 7,500 bpd, with a further well expected following the deliver of first oil, which is expected next year. A central processing facility with a capacity of 20,000 bpd will also be constructed, with this capacity increased as production rises.
At Qara Dagh, work has begun to review the most suitable location for the Qara Dagh-2 well which is planned for drilling next year.
Source: Genel Energy