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Iraq

Iraq has approximately 150 billion barrels of total proven oil reserves and 127 Tcf of proven natural gas reserves as at 31 December 2014*. Its total oil production averaged approximately 3.3 million bopd and its total gas production averaged 1.3 billion cubic metres during 2014*.

Oil development is concentrated in the south of Iraq, with the production accounting for 75% of total Iraqi production in recent years. The majority of the gas reserves are classified as associated gas from the southern fields.

Kuwait Energy was awarded a 20 year Gas Development and Production Service Contract (GDPSC) for the Siba field in June 2011, granting the company operatorship and 45% revenue interest. Simultaneously, a 20 year Gas Development and Production Service Contract was signed for the Mansuriya field with a 22.5% revenue interest.

In 2012, Kuwait Energy was awarded the Block 9 exploration license in southern Iraq as operator with a 70% working interest, and an Exploration, Development & Production Service Contract (EDPSC) pertaining to the Block was signed in January 2013. Subsequently, Kuwait Energy farmed-out 10% working interest in Block 9 to the Egyptian General Petroleum Corporation (EGPC) and currently holds 60% working interest. 

First exploration well in Block 9 was spud in March 2014 which led to significant oil discoveries in September and December of the same year. Oil production commenced from the Block in October 2015, only a year after the first discovery was made. 

Our assets are governed by licenses with the highest remuneration rates in Iraq. We enjoy a position of currently being one of the few regional independent oil and gas companies to be present in Southern Iraq with the Siba and Block 9 assets.

Iraq accounts for 783 mmboe, or 96% of our 2P working interest reserves as at 31 December 2015.

*According to the BP's Statistical Review of World Energy 2015 (June 2015).

 

Field Overview


Siba

Mansuriya

Block 9

Location

Basra Governorate

Diyala Governorate

Basra Governorate

Type

Onshore

Onshore

Onshore

Operator

Kuwait Energy

TPAO

Kuwait Energy

Kuwait Energy Revenue Interest

45%

22.5%

60%*

Other Parties

Turkish Petroleum Corporation (TPAO)

Missan Oil Company

KOGAS

Oil Exploration Company

Dragon Oil Holdings Limited

Egyptian General Petroleum Corporation

Contract Date

June 2011

June 2011

January 2013

Contract Type

Service Agreement

Service Agreement

Service Agreement

Plateau Rate

100 mmscfd       

320 mmscfd       

To be agreed with SOC after declaration of commerciality

*PSC Production Sharing Contract