Genel Energy Make Large Discovery in Kurdistan

After promising initial tests it seems that Genel Energy have made a major discovery in the Chia Surkh region of Kurdistan. Chief Executive Officer, Tony Hayward, has said that they expect to begin full production in the area early next year.

The Chia Surkh region is in the southeastern part of Kurdistan, right on the border with Iraq, and this exploratory well is the first to have been drilled since 1954. Genel operate the license for the 985 square kilometre block, owning a 60% interest, whilst the remaining 40% is shared by Petoil Inc. and the Kurdistan Regional Government.

After several days of testing Genel was able to announce that the well showed great promise, with a rate of 11,950 barrels of oil a day and 15 million cubic feet of natural gas a day. The well is the first of five.

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Tony Hayward confirmed that it was a “significant oil find,” and that more wells were now planned for the region to try and determine the full extent of the discovery.

“We intend to carry out a rapid appraisal and development program and expect to have an early production scheme operating in the first half of 2014. Over the same period we will be evaluating and drilling a number of other prospects we have in the Chia Surkh license,” he said.

By. Joao Peixe of Oilprice.com