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Gazprom Neft to invest $1bln into oil projects in Iraqi Kurdistan

June 07, 2013, 16:33 UTC+3
Geological surveys and drilling works at these blocks will last for two years
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MOSCOW, June 7 (Itar-Tass) - Russia’s oil producer Gazprom Neft plans to invest around $1 billion into the Garmian and Shakal blocks located in the south of Iraqi Kurdistan in 2013-2015, the company’s first deputy CEO, Vadim Yakovlev, told reporters on Friday.

Geological surveys and drilling works at these blocks will last for two years.

“As concerns the Halabja project that we joined this year, investments will reach $162 million until 2017,” he said.

According to earlier reports, in 2012 Gazprom Neft signed two production-sharing agreements with the Kurdistan Regional Government on the Garmian and Shakal blocks. At present, the company conducts geological evaluations at these blocks. The two blocks’ oil reserves are estimated at 1.5 billion tonnes.

In early 2013 Gazprom Neft received an 80 percent stake in the Halabja block in Kurdistan under the production-sharing agreement. Other shares belong to the Kurdistan Government. The oil reserves at the block located 30 kilometers of Garmian are estimated at 90 million tonnes.

 

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