Genel Energy strikes oil in Kurdistan Region of Iraq

oilwell-genelChia Surkh 10 is the first exploration well to be drilled on the block since 1954. (Image source: David~O/Flickr) Genel Energy has made a significant oil discovery in the first of five exploration wells on Chia Surkh exploration block in Kurdistan Region of Iraq

The oil and gas company said that the Chia Surkh 10 well, first of the five in the block, was drilled to a depth of 1,696 metres in the Oligomiocene section and the tests resulted in production of 11,950 bpd.

Tony Hayward, chief executive of Genel Energy, said the well confirmed the presence of a significant oil find and the company had begun drilling a second well, Chia Surkh 11.

“We intend to carry out a rapid appraisal and development programme 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 licence,” Hayward added.

Chia Surkh 10 is the first exploration well to be drilled on the Chia Surkh exploration block since 1954.

Genel Energy operates the 985 sq km licence and owns 60 per cent of the block. The remaining 40 per cent is owned equally by Petoil and Kurdistan Regional Government.

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