January 26, 2011
Heritage Oil Discovers Largest Gas Field in Iraq in 30 Years
Heritage Oil Plc, an independent explorer operating in Africa and Middle East, said it discovered the largest gas field in Iraq in more than 30 years.
The Miran West-2 well in the Kurdistan region uncovered a geologic structure that may hold up to 12.3 trillion cubic feet of gas and 75 million barrels of oil, the London-based company said in a statement today. The Miran West and Miran East fields may bolster the company’s reserves by 744 million barrels of oil equivalent, according to management estimates based on a 75 percent working interest.
The find is the largest gas field to be discovered in Iraq in more than 30 years and could be worth $2.7 billion to Heritage, the company said. The news follows the resolution of a tax dispute with Uganda over the sale of Heritage’s interests in the Lake Albert Basin to Tullow Oil Plc.
“We are considering various development options including a tie-in to planned infrastructure that will achieve first production for both oil and gas in 2015,” Chief Executive Officer Tony Buckingham said in the statement. “This discovery has the potential to generate substantial further value for our shareholders and benefit the people of Kurdistan and Iraq.”
http://www.bloomberg.com/news/2011-01-26/heritage-oil-discovers-largest-gas-field-in-iraq-in-30-years.html
Heritage Oil Discovers Largest Gas Field in Iraq in 30 Years
Heritage Oil Plc, an independent explorer operating in Africa and Middle East, said it discovered the largest gas field in Iraq in more than 30 years.
The Miran West-2 well in the Kurdistan region uncovered a geologic structure that may hold up to 12.3 trillion cubic feet of gas and 75 million barrels of oil, the London-based company said in a statement today. The Miran West and Miran East fields may bolster the company’s reserves by 744 million barrels of oil equivalent, according to management estimates based on a 75 percent working interest.
The find is the largest gas field to be discovered in Iraq in more than 30 years and could be worth $2.7 billion to Heritage, the company said. The news follows the resolution of a tax dispute with Uganda over the sale of Heritage’s interests in the Lake Albert Basin to Tullow Oil Plc.
“We are considering various development options including a tie-in to planned infrastructure that will achieve first production for both oil and gas in 2015,” Chief Executive Officer Tony Buckingham said in the statement. “This discovery has the potential to generate substantial further value for our shareholders and benefit the people of Kurdistan and Iraq.”
http://www.bloomberg.com/news/2011-01-26/heritage-oil-discovers-largest-gas-field-in-iraq-in-30-years.html
