“The US Geological Survey estimates that Iraqi Kurdistan holds about 40 billion barrels of oil – about as much as the North Sea has so far produced in the UK – and roughly 60 trillion cubic feet of gas. The region’s history means that these reserves have remained relatively untouched, offering industry one of the last great frontiers of conventional onshore oil and gas”*
WesternZagros holds a 40 percent working interest in each of two Production Sharing Contracts (“PSCs”), the Kurdamir and Garmian Blocks, with the Kurdistan Regional Government in the Kurdistan Region of Iraq. Independently audited resource reports estimate the blocks contain prospective resources of 1.2 billion barrels of oil equivalent.
We have targeted lands in the south of Kurdistan that are on trend with and adjacent to a number of prolific historic oil and gas discoveries, including the supergiant oil field Kirkuk.
WesternZagros operates the southern contract area named the Garmian Development Area and is governed under the Garmian PSC. Gazprom Neft Middle East B.V. is the co-venturer on the Garmian Block with a 40 percent working interest. Pursuant to the terms of the Garmian PSC, operatorship was transitioned from WesternZagros to Gazprom Neft on February 29, 2016.
The Garmian Block contains the Sarqala-1 oil discovery and the Mil Qasim-1 oil discovery.
The northern contract area is named the Kurdamir Development Area. The Kurdamir Development Area contains the Kurdamir-1, Kurdamir-2 and Kurdamir-3 oil, gas and condensate discoveries. The block is governed under the Kurdamir PSC and is operated by a subsidiary of Repsol S.A., Talisman (Block 44) B.V (“Repsol”).
*Financial Times Special Report “Kurdistan Oil & Gas”, December 2011