Iraq Oil Report

The KRG announced the new deals Tuesday, a major move which will have reverberations yet to be realized within the political spheres from Baghdad to Washington, as well as the global oil industry.

Iraq Oil Report will have more details, but here’s what’s out so far:

# Award of two PSCs, for the Mala Omar and Shorish Blocks (of 285 and 526 square kilometres respectively) in Erbil Governorate, to OMV Petroleum Exploration GMBH, a wholly-owned subsidiary of OMV Aktiengesellschaft, the largest oil and gas company in Central Europe. The blocks are considered to be low to medium exploration risk areas.

# Award of the Akre-Bijeel Block (889 square kilometres) in the Dihok Governorate to Kalegran Limited, a wholly-owned subsidiary of MOL Hungarian Oil and Gas PLC, and Gulf Keystone Petroleum International Limited, a wholly-owned subsidiary of UK-listed Gulf Keystone Petroleum Limited. The Akre-Bijeel Block is a medium exploration risk area.

# Award of the Shaikan Block (283 square kilometres) in the Dihok Governorate to Gulf Keystone Petroleum International Limited, Texas Keystone Inc., and Kalegran Limited. The Shaikan Block is a low exploration risk area.

# Award of the Rovi and Sarta Blocks (517 and 607 square kilometres respectively) to Reliance Energy Ltd. These PSCs had been negotiated prior to the entry into force of the Kurdistan Oil and Gas Law, and had been awaiting the passage of the Law and the approval of the Council.

# Award of another block (1226 square kilometres) also in the Dihok Governorate to a western company, with details to be announced in coming days. The block is considered to be a medium exploration risk area.

# Award of four strategic blocks in the Suleimaniyah-Erbil area to the Kurdistan Exploration and Production Company (KEPCO), a government-owned oil exploration and development company established by the Kurdistan Oil and Gas Law.

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