Kurdistan Oil & Gas Development

[alan131210]

I thik the current price per barrel is 100$, but I am not sure.

So if it was 100$, a indipendent south Kurdistan will get over 10 billion Doller per year only from the Oil, if they export 300,000 bpd. That is the same budget like Kurdistan get it from Iraq now. So a independence will Economically not hurt us.

And I talk only from the Oil exports, but Kurdistan can also develop his industry and agriculture and who knows how much money Kurdistan can make with that?

iraqs budget to KRG was $11 billion plus $5 billion from border income . and KRG intends to raise oil export to 1 million bpd and 2 million in few years . and they are working on booming agricultural sector hence the loans to farmers of $100,000 , offering green houses for a low price , offering fish eggs to fish farmers , banning trade ins with agricultural lands are all part of the 2013 deadline to be self sufficient in food .

[crazyhorse]

The oil reserves of Kurdistan is aprox. 70 billion barrels (and there are a lot of areas undiscovered!). Plus we have our beautiful nature, gas, gold, silver and other minerals. Our beautiful land is also very good for agriculture (probably the best in the entire Middle-East).

Kurdistan could reach easily 1 million of oil per day if the development of it's oil industry is finished. This means: aprox 37,000,000,000 from oil alone!
Gas industry is not very developped yet, but count an additonal 8 billion. Border business etc. at least 20 billion if we reach 1 million barrels of oil per day.
Increasing business within Kurdistan itself (buildings, shopping centers, new companies, etc. etc.) maybe another 10 billion. Than we have our agriculture, which could easily make us 5 billion per year. Tourism will also be an important part. Maybe 15 billion per year when it is far developped (allready on the right track). There are many other sources of income, such as other minerals and contracts with Iraq if they want to use our oil pipelines or pass through Kurdistan for business. That's another 10 billion per year.

Count it: 105 billion per year over an population of only 5 million. The GDP would be around $21,000 in this case, which is really high for a country in the Middle-East (Turkey's GDP is like $10,000!).

And 105 billion is a low estimate. With a proven oil reserve of AT LEAST 70 billion barrels, we could reach 2 million barrels of oil per day. And oil prices are only getting higher. So than we are allready talking about 150 - 200 billion per year, that are serious numbers!

[Rando]

if we export 175 000 barrels now,we`ll get 5.9 bilion every year.
price of oil was 92$ per barrel last year,i think.

[Sinjar]

EDIT:posted before

[alan131210]

^^ double post.

[Sinjar]

Afren's 2012 exploration campaign could be a game-changer, says broker

FTSE 250 oil firm Afren (LON:AFR), which has assets across 12 countries, has a potentially game-changing exploration campaign this year, says Bank of America Merrill Lynch.

It is targeting 630 million barrels of oil equivalent through drilling up to 14 wells across Kurdistan and Africa.

Alongside this, its production guidance of between 42,000 and 46,000 barrels of oil equivalent per day (boepd) looks eminently "achievable", says BoA Merrill Lynch analyst Alexander Holbourn in a note to clients.

It comes after the company issued a bullish IMS this morning and production update for the first quarter, in which it generated US$300.2 million in net operating cashflow in the three months.

To understand the scale of the firm's ambitions, Holbourn said 2012's target of 630 million barrels of mean resources represented around two thirds of Afren’s current 2P reserve and 2C resource base - of 995 million barrels of oil equivalent.

Today's update from the firm comes after it unveiled last month the ‘potentially transformational’ oil discovery in the Kurdistan region of Northern Iraq and just a day after a significant find at the Ebok North Fault block in Nigeria.

In Kurdistan, the Simrit-2 discovery well, in which it has 20 per cent stake, found a significant oil accumulation in the Ain Sifni PSC (production sharing contract).

Simrit-2 found an estimated 409 metres of net oil pay – with around 312 metres of that believed to be light oil.

Today, Holbourn highlighted the firm's operational and political progress of the firm in Kurdistan, after the broker's recent field trip to the Barda Rash field - one of the firm's two assets in the region.

At Barda Rash, said the analyst, first oil remained on track for August this year at an expected rate of between 10-15,000 barrels of oil equivalent per day, contributing 3-5,000 barrels of oil equivalent per day in the full year 2012.

"Production in the medium-term will be ramped up to trucking capacity of around 35kboe/d, with pipeline capacity enabling 125,000 boe/d by 2017," he added.

In the shorter term for Kurdistan, the analyst said the broker was awaiting the results of flow tests on the JS-2 (Jebel Simrit) well by the end of July, followed by a JS-3 exploration well in the second half of this year.

Holbourn rates the stock a 'buy' and has a price target of 276 pence (current price: 120.60 pence).

Afren also highlighted today its exploration success offshore Nigeria, at the Ebok North Fault Block exploration well, announced yesterday, which found 370 ft of good quality oil pay.

This follows on from the Kurdistan discovery and successes at the Okoro East block, announced in January this year.

Yesterday, the company said the closeness of the Ebok North Fault block to its existing infrastructure at the main Ebok field-production hub meant it could quickly monetise the discoveries.

City heavyweight Morgan Stanley, which rates the firm "overweight", said the Ebok North find firmly established the area as one of Afren’s core producing and development hubs.

"With several Ebok West Fault Block well slots available, we expect rapid partial monetization of the discovery via two producing wells in 2013 (enhancing the find’s economics) followed by a standalone full field development," analyst Jamie Maddock said in a note.

As a result, the broker has increased its target price for Afren to 227 pence, from 218 pence previously, implying around a 90 per cent upside from its current share price.

As for Kurdistan, Maddock said he expected initial Jebel-Simrit-2 well flow tests to provide greater clarity on commerciality and on any possible upside potential.


proactiveinvestors

[Sinjar]

UPDATE 1-Genel picks up more Kurdistan acreage

May 14 (Reuters) - Oil company Genel Energy is to acquire a 23 per cent stake in the Bina Bawi exploration licence in Kurdistan for $175 million to build on its existing presence in the region.

The Bina Bawi licence lies alongside Genel's already producing Taq Taq oilfield, whose current potential output is about 80,000 barrels a day, and is projected to rise to about 200,000 barrels a day.

"What we are acquiring is very high-quality acreage in an area immediately adjacent to Taq Taq, one of our major established fields which we plan in due course to link by a pipe line to the region's main export pipeline from Kirkuk to Ceyhan," said Tony Hayward, chief executive of Kurdistan-focused Genel and former boss of the British oil and gas group BP.

The acquisition of the licence stake would be made through the purchase of A&T Petroleum Company Ltd, current holders of the stake.

"Our estimate is that the Bina Bawi discovery has contingent resources of some 500 million to 1 billion barrels of oil and oil equivalent, with some additional prospective upside," Hayward said.

[alan131210]

^^ double post again !! read thru the thread before posting .

[Sinjar]

Hmm no this time they are not

[alan131210]

Hmm no this time they are not

lol look at the previous page and get back to me

[Sinjar]

Ouuh true the second one is. Thanks for telling

Update on the Miran West-3 Well, Kurdistan

EXPLORATION ASSETS

Kurdistan Region of Iraq

The Miran West-3 well, which commenced drilling in August 2011, has reached a total depth of 3,528 metres after encountering the primary gas bearing reservoir interval in the Jurassic.

Subsequent well testing operations within the main Jurassic reservoir have been completed and resulted in a constrained flow of up to 22 MMscf/d of wet gas with a yield of 20 bbl/MMscf of 55˚ API condensate. This tested interval is shown to be in pressure communication with the main reservoir interval discovered and tested in the Miran West-2 well c.4.3 km to the North West. Examination of the wireline log data in conjunction with the well test data indicates that a pervasive and productive fracture network has been intercepted as planned. It is estimated that once the well is completed and placed on production that it will be capable of delivering 50 MMscf/d of wet gas and 1,000 bbl/d of condensate. The well is currently being suspended pending re-entry and completion as a production well. The success of the Miran West-3 well continues to de-risk the Miran Field, having confirmed the presence of gas-bearing fracture networks at this location, as predicted by geophysical and geological models. The rig will then move to the Miran West-4 appraisal location for the drilling of a high angle well targeting the Upper Cretaceous oil bearing intervals. This well should spud in early June 2012. Heritage plans to undertake an extended well test of these oil bearing reservoirs for a minimum period of six months which should commence at year end.

In March 2012 Heritage announced that drilling of the Miran East-1 exploration well had commenced, with an estimated target depth of c.4,000 metres. The well is targeting exploration potential within the Cretaceous and Jurassic reservoir intervals of the eastern structure. The well is currently at a depth of 2,020 metres in the regional seal above the Lower Cretaceous. Oil shows observed whilst drilling are consistent with wireline log interpretation indicating the presence of hydrocarbons at various levels within the Upper Cretaceous. Furthermore, pressure data obtained in the Upper Cretaceous indicates that the East and West structures are in pressure communication.

Seismic

Acquisition of 3D seismic, covering 730 square kilometres, across the Miran Block was completed in 2011. Initial interpretation of the full processed 3D data has recently been completed which has enabled enhanced mapping of the structure, increased the Company's ability to identify fault systems and significantly increased our geological understanding of the field.

Monetisation and Development of the Miran Field

Heritage is considering a phased development of the Miran Field which involves early development by the end of 2013, targeting between 80 and 180 MMscfd of gas for local supplies and the production of between 10,000 and 15,000 bpd of oil and condensate. Full field development should comprise an integrated development of the oil, gas and condensate with export of the gas production to Turkey estimated to commence in 2015.

Work on conceptual development studies, gas marketing plans and strategies has continued and Heritage is in discussions with the Kurdistan Regional Government, gas buyers and contractors regarding both early and full field development, including the export of the gas to Turkey where gas demand is increasing significantly.

[Sinjar]

There is also news about KRG planning to build their own pipelines but you have to subscribe before you can read the full article.

http://www.iraqoilreport.com/oil/produc ... ions-8009/

[alan131210]

Published May 18, 2012

In the ongoing oil struggle between Iraq's central government and the semi-autonomous Kurdistan region, one of Baghdad's trump cards has been the control of export pipelines – but that could soon change.

Construction has begun on the first phase of a pipeline which, within two years, will send crude directly from Kurdistan's oil fields to a Kurdish-controlled oil depot station four kilometers from the Turkish border.

"Hopefully within a year or so, we'll have a pipeline built to capture ...

[Sinjar]

No I don't want to subscribe. It will probably come out from other sources soon.

[alan131210]

Construction has begun on the first phase of a pipeline which, within two years, will send crude directly from Kurdistan's oil fields to a Kurdish-controlled oil depot station four kilometers from the Turkish border.

finally independence day is nearing with the pipeline construction completion , see i have always emphasized on how important it is to have an independent oil pipeline .