To­tal Re­ports ‘En­cour­ag­ing’ Drilling Re­sults in Kur­dis­tan

The Kurdish Globe - - NEWS -

To­tal SA (FP) drilled suc­cess­fully in Kur­dis­tan as part of a plan by Europe’s third-largest oil com­pany to ex­plore more ag­gres­sively to boost pro­duc­tion.

“We have sev­eral ex­cit­ing prospects,” Chief Fi­nan­cial Of­fi­cer Pa­trick de la Che­vardiere said today on a con­fer­ence call. To­tal is also drilling ex­plo­ration wells in Gabon, In­done­sia, Ar­gentina and the Gulf of Mex­ico and is also pre­par­ing more in Brazil and An­gola, he said.

Chief Ex­ec­u­tive Of­fi­cer Christophe de Marg­erie has pledged to boost pro­duc­tion, tar­get­ing av­er­age an­nual growth of 3 per­cent from 2011 to 2015 even af­ter los­ing vol­umes the past two years. The French com­pany has promised to take more risks, with plans for more than 60 wells this year.

A well drilled in the Harir block in Kur­dis­tan is “show­ing en­cour­ag­ing re­sults” and is be­ing tested while another at Tazir has also shown “good re­sults,” de la Che­vardiere said. The “very ac­tive” Kur­dis­tan ex­plo­ration pro­gram will in­clude four more wells.

To­tal has 35 per­cent stakes in the Harir and Safen blocks that it bought from Marathon Oil Corp. (MRO) it also holds a 20 per­cent in­ter­est in the Taza li­cense held by Oil Search Ltd. (OSH)

Iraq’s Kurds will start ex­port­ing crude by pipe­line “very soon” af­ter the com­ple­tion of a new link to the Turk­ish bor­der by the end of Septem­ber, the Kur­dis­tan Re­gional Gov­ern­ment’s nat­u­ral re­sources min­is­ter said in Lon­don last month.

The land­locked, self-gov­erned Kur­dish en­clave halted crude ex­ports through the Iraqi cen­tral gov­ern­ment-run pipe­line since De­cem­ber. The Kurds are spar­ring with the Oil Min­istry in Bagh­dad over the shar­ing of rev­enue from crude sales and pay­ments owed to in­ter­na­tional com­pa­nies.

To­tal an­nounced in Janu- ary 2011 a “bolder” ap­proach to ex­plo­ration by seek­ing oil and nat­u­ral gas re­serves in a wider and riskier range of ge­o­graphic zones and ge­olo­gies.

“We haven’t yet found the gi­ant field we are look­ing for,” de la Che­vardiere said. He cited dis­cov­er­ies in Ar­gentina, Aus­tralia, Kur­dis­tan, Ivory Coast and the U.K. as suc­cesses to date.

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