Operations
WesternZagros is one of a number of oil and gas companies/consortia active in the Kurdistan region of Iraq.
WesternZagros holds two Production Sharing Contracts (“PSCs”) in the Kurdistan Region of Iraq which provides for the exploration and development of crude oil and natural gas. The Kurdamir and Garmian Blocks, combined, form one of the largest (2,120 km2/500,000 acres) in the Kurdistan Region of Iraq. The Garmian contract area (1,780 sq km) is operated by WesternZagros, holding a 40% working interest. The Kurdamir contract area (340 sq km) is operated by Talisman. WesternZagros also has a 40% working interest. The KRG holds a 20% working interest in both PSCs.
Key Iraq Statistics
Iraq has numerous large undeveloped fields and unexplored areas. Out of the 73 oil fields discovered, only 15 are producing. Six of the 73 oil fields are classified as super-giant (over 5 billion barrels), 23 as giant (500 million to 4 billion barrels) and 44 as medium to large (50 to 500 million barrels) or small (less than 50 million barrels).
Iraq has approximately 115 billion barrels (approximately 75 billion barrels undeveloped) of proven oil reserves and 220 billion barrels of proven and probable reserves.
