Taqa (Abu Dhabi National Energy) is to plough around $1.2billion into developing the Atrush oilfield located in Iraq’s semi-autonomous Kurdistan region.
The company secured approval from the Kurdistan Regional Government (KRG) to develop the block late last year.
Taqa, which variously invests in oil and gas production, power plants and gas storage sites from Canada to the North Sea to Ghana, is spending $300million on Atrush this year to bring 30,000bpd of production capacity online.
Subject to KRG approval and further field appraisals, a second phase could add 30,000bpd more of oil, along with some associated gas for the domestic market. The medium term target is 100,000-120,000bpd. An estimated 3.5billion barrels of oil are believed to be in place at Atrush where the fourth well is currently drilling.
Meanwhile, investors are awaiting news from Gulf Keystone regarding its second production facility at the super-giant Shaikan field. The PF-1 facility has been operational since around the middle of last year, much later than anticipated.
PF-2 is also running later than planned with no clear indication from the company as to when it might become available for production. Between them the two facilities have a plated capacity of up to 40,000 barrels per day.
Debottlenecking and fine-tuning may raise this to around 50,000bpd, should there be call for further significant exports of Shaikan crude, which started last month.
Benefiting from Shaikan progress is Hungarian company MOL as it holds a 20% stake. MOL also holds 80% of Akri-Bijeel in which GKP holds the reciprocal stake.
MOL said in a recent interview with Reuters that the next step with Akri-Bijeel is to complete appraisal of the Bijeel and the Bakrman areas, which are geographically distant but geologically connected.
The company intends to prepare a field development plan this year to submit to authorities. Akri-Bijeel is expected to start production from next year.
Meanwhile, GKP has not yet sold its share of the field and may be back-pedalling on that plan because of better than expected appraisal drilling results.
MOL is reported to he considering a bid for GKP.