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$400 mln oil deal signed between Rosneft and Iraqi Kurdistan

Rosneft signed production sharing agreements for 5 oil blocks in the Kurdistan Region.

$400 mln oil deal signed between Rosneft and Iraqi Kurdistan


Rosneft announced on October 18, 2017, that it had signed production sharing agreements for 5 oil blocks in the Kurdistan Region.

 

In a statement, Rosneft said it would pay up to $400 million for 80 % in the venture as part of the deal with the Kurdish Autonomous Region of Iraq, although up to half the sum could be paid in crude oil from the blocks.

 

A joint exploration programme and pilot production is to start next year.

If successful, Rosneft said it would start full-field development of the blocks in 2021.

 

Recoverable oil reserves at the 5 blocks are around 670 million barrels, Rosneft said, calling the estimate «conservative» .

Rosneft and Kurdistan are already cooperating on crude purchases and sales, but the new deal «will allow us to talk about full-fledged entry of the company in one of the most promising regions of the developing global power market», the company said.

 

Rosneft previously has loaned $1.2 bln to the Kurdish government guaranteed by oil sales and is seeking to help build 2 major oil and gas pipelines as part of President Putin’s drive to increase influence in the Middle East.

 

Source : Neftegaz.RU


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