WesternZagros Resources Ltd (WZR), Gazprom Neft Middle East B.V, as a subsidiary of Gazprom Neft PJSC (RGZPF) and Kurdistan Regional Government (KRG) are planning to undertake the Garmian Oil Field Development in Kurdistan, Iraq.The project involves the development of Garmian oil Field with a production capacity of 25,000 barrels per day (bbl/d) which will be executed in three phases.The first phase includes the drilling of Sarqala-1 well with the production capacity of 15,000 oil barrels per day (bbl/d). The drilling was completed and started production in February 2015.Second phase includes the continuation of production from Sarqala-1 and the Drilling of two additional wells named Sarqala-2 and Sarqala-3 to expand the existing capacity from 15,000 oil barrels per day (bbl/d) to 35,000bbl/d and the development of the Jeribe/Upper Dhiban reservoirs which is estimated to contain 13 million barrels (MMbbl) of 2P oil Reserves and 66 MMbbl of unrisked P50 Prospective oil Resources.The third phase includes the drilling of four additional wells and the construction of water handling facilities if required.RGZPF will manage and develop the project.On June 19, 2014, WZR submitted the Field Development Plan (FDP) to KRG.On May 26, 2016, the project secured FDP approval from KRG.In third quarter 2017, drilling of the Sarqala-2 well are underway.In April 2018, the drilling was completed on Sarqala-2.Drilling of the Sarqala-3 is expected to commence in third quarter 2018.
WesternZagros Resources/JSC Gazprom Neft/KRG in JV is planning to come up with a gas processing plant at Garmian development block (Sarqala field). The project will support the region’s power sector and develop exports into Turkey and Europe. The US$245 million project includes the following:1. Construction of Gas Processing Plant2. Construction of Gas handling3. Construction of Allied Utilities & Facilities4. Construction of Associated facilities5. Construction of water handling facilities6. Construction of related facilities
Reasons to Buy
Kurdistan Regional Government; WesternZagros Resources Ltd; Gazprom Neft Badra BV
Table of Contents
9.General News, Project News
List of Tables
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