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Addax readies $1bn Iraqi Kurdistan oil field plan
3.9.2007
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September 3, 2007
DUBAI,-- Switzerland's Addax Petroleum and
Turkey's Genel Enerji expect to submit a $1bn
development plan within weeks to Iraq's
semi-autonomous Kurdistan Regional Government (KRG)
for their joint venture TTopco’s Taq Taq oilfield, a
TTopco executive said yesterday.
Output from the field could hit 200,000 bpd by 2010,
Les Blair, general manager of TTopco, told Reuters.
“The production plateau is up to 200,000 bpd,” Blair
said. “In the coming weeks we’ll submit the field
development plan. Investment would be approximately
$1bn.”
The plan will go to Iraq’s semi-autonomous Kurdistan
Regional Government (KRG) for approval. The
blueprint requires access to an export route for the
oil as output would exceed local demand, Blair said.
In May 2006, Swiss-based Addax and Turkey’s Genel
Enerji signed a 25-year production sharing agreement
(PSA) with the KRG for Taq Taq.
The oilfield is 60km north of the giant Kirkuk
oilfield in Iraq, which has been plagued by a brutal
insurgency since a US-led liberation in March 2003. |
Taq Taq oil fields. The
field is located in Kurdistan autonomous region near
the town of Koya, and is about 50 miles east of
Erbil and 74 miles northwest of Sulaimaniyah city |
But the Kurdish region has been relatively stable
and the government – hungry for development – has
encouraged operators such as TTopco to begin work.
The KRG plans to boost output to 1mn bpd in about
five years from just a few thousand bpd now. It has
inked five PSAs and has said it has more deals ready
to sign.
The region had put new deals on hold while it waited
for Baghdad to pass a controversial new federal oil
law which stipulates who controls the world’s third
largest oil reserves and how revenue is distributed.
Washington has pushed Iraq for months to speed up
its passage and that of other legislation, which it
sees as pivotal to reconciling warring Iraqis,
rebuilding Iraq’s shattered economy and attracting
foreign investment. After months of waiting for
Baghdad, the KRG passed its own oil law in August.
Reuters
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