Iraq’s Kurdistan region signs an unknown number of new oil deals…
Plus: *Iraq to pre-qualify more companies for bidding on smaller fields *Controversy over status of new oil law… *…and what it means for a new state oil company *Iraq oil profits up as production takes hit in April *Shahristani in the news *Iraq’s Refugees overlooked *U.S. troops speak out against war *Iraq Oil Report has […]Niko Resources and Vast Exploration have signed a production sharing contract with the Kurdistan Regional Government in the region’s southeast.
"The obligations under the PSC include a onetime signature bonus and capacity building bonus paid to the Government within 30 days from the execution date of the contract," according to the Niko statement. "Annual contributions to personnel, training and technological funds established by the Government, as well as community support contributions to be paid over a period of 15 months to assist with infrastructure projects in the area. The consortium will also be responsible for paying its proportionate share of certain production bonuses in the case of commercial discovery. The remaining minimum work program obligations represents an exploration commitment, expected to commence in the near future, which includes the acquisition, processing and interpretation of a minimum of 300 kilometers of 2D seismic data and drilling of one well during the first exploration period."
If you are not a registered user, you may purchase a subscription.
