ERBIL, Kurdistan Region (Kurdistan 24) – The London-listed oil and gas explorer Genel Energy last week announced a “significant upgrade” to gas resources for two oilfields in the Kurdistan Region.
According to Genel, gas resources at the Bina Bawi and Miran West fields, located in the eastern Kurdistan Region, have roughly increased 40 percent compared to estimates from 2016.
The oil firm said it expected that “a percentage of the contingent raw gas resources [at the fields] will be converted to reserves.”
“Genel believes the development of the world-class fields is set to unlock significant value for both the company and the Kurdistan Regional Government (KRG),” it added.
Meanwhile, London-based Gulf Keystone, which operates at the Shaikan field northwest of Erbil, said it was “focused on achieving the commercial framework to significantly increase investment in Kurdistan.”
The oil firm currently produces 27,000-32,000 barrels of oil per day (bpd), according to statistics released in a recent report.
Gulf Keystone noted that it plans to “step up gross production” to 55,000 bpd in the future, adding that would be a “material step” toward the full development of the field which is estimated to produce 100,000 bpd.
“We are very pleased with the progress made to date on the commercial and operational matters to implement [our estimates] and look forward to concluding commercial matters in the near future,” Gulf Keystone’s CEO Jon Ferrier said in a statement.
Following a temporary halt in crude oil export after the Iraqi army and Iranian-backed Shia militias attacked the Kurdistan Region—retaking control of key oil fields in Kirkuk Province—the KRG’s Ministry of Natural Resources resumed exports at the Shaikan field in November.