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Hungarian company plans to spend $ 100 million on oil exploration in Kurdistan
On: Wed, 29/12/2011 7:41
□ Baghdad / follow-up term economic
Inc. (OMV) of Hungary, today announced its intention to spend $ 100 million on oil exploration in the Kurdistan region of Iraq during the next year 2012.
A statement issued by the company yesterday that (or a Wall) Hungarian plans to spend $ 100 million to strengthen its program of exploration, evaluation and development of excellence in Acre - Bigil in Dohuk province over the next year 2012. "
The Kurdistan Regional Government signed in 2007, two decades to exploit the field Acre - Bigil in the province of Dohuk with a mother or the Hungarian, and Gulf Keystone Petroleum, a subsidiary of Gulf Keystone.
Group announced (M. or. L), the Hungarian oil and gas in November of 2010, they found oil and gas after a test on the first of its wells in the area (Acre Bigil) Kurdistan Region, noting that the test was conducted at a depth of 3804 meters and 3967 meters produced 2700 barrels of oil per day, the total flow of oil in the previous test 3200 barrels per day with a gas attendant layers of less depth.
It is believed analyst oil and gas sector with the company (ie. The. G) for banking services Tamas Beltsr that the result reached by the company in the test disappointing somewhat as the flow rate of the final is not up significantly after the appearance of full results of the test.
The both of the two (M. or. L), which owns 80% of the excellence in the field, and Gulf Keystone British, which owns 20% of exploration in the field of Acre Bigil, as announced last October, the sale of its stake, which 20% in franchise Acre - Bigil in the semi-autonomous region, but any sale is still in the preparatory phase.
Estimates indicate that the concession contains about 2.4 billion barrels of oil and run by the mother. or. the Hungarian.
The central government announced during the month of May, reaching agreement with the Government of the Territory on the resources producing oil fields in the Kurdistan region is to secured the oil revenues, the source of the territory of the country's treasury for the payment of dues to companies operating in the region by the central government.
The government of the region occurred in 2004 with the company (de. that. or) Norwegian exploration deal for oil as the government gave the region the beginning of November 2007, the Coalition South Korean rights to explore for oil in the province of Dohuk
is noteworthy that Iraq was signed during the year 2010, contracts with several international oil companies to develop some of his fields in the two rounds of licensing the first and second, to reach a production of at least 11 million barrels per day within the next six years, and 12 million barrels per day after the addition of the quantities of the other fields of national effort.
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