Heritage latest to claim KRG oil success

U.K. independent Heritage Oil has confirmed a major discovery at its Miran licence in Iraqi Kurdistan, saying it has discovered up to 4.2 billion barrels of oil, with a recoverability factor of 50-70%.

Expectations for the field were already high—though Heritage has only drilled one well as yet—after the company reported having struck a 1.1-kilometre oil show during the wildcat drilling. In a statement today Heritage said that the field would be "low cost and straightforward" to bring onstream, and that it could produce 10,000-15,000 b/d of oil as soon as the end of the year as part of a first development phase, Upstream Online reports.