Total purchases ShaMaran's interest in Taza block for US$48 million

Kurdistan Region of Iraq - Taza-1The Taza-1 exploration well, located in the Kurdistan Region of Iraq, will be drilled to a depth of 3,250 metres. (Image source: Shamaran Petroleum)Total SA has purchased ShaMaran Petroleum Corp’s entire 20 per cent undivided participating interest in the Taza PSC in the Kurdistan Region of Iraq for US$48mn

French oil and gas giant Total will also pay a reimbursement to ShaMaran for costs incurred on joint operations from 1 April 2012 until the closing date of the deal. 

The Taza prospect is currently hosting drilling operations at the Taza-1 exploration well, which has will be drilled to a depth of 3,250 metres and is located approximately 80km southwest of Sulaimaniya.

Total has joined operator Oil Search (Iraq) Limited, who holds a 60 per cent participating interest, on the block. The remaining 20 per cent interest in Taza Block is held by the Kurdistan Regional Government of Iraq.

Taza exploration well Kurdistan Region of Iraq mapThe location of Taza Block in the Kurdistan Region of Iraq. (Image source: Oil Search (Iraq) Limited)

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