Chevron – Genel Power stories first oil at Sarta area in Iraq
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Genel Power has introduced that it had reached the primary oil on the Sarta area within the Kurdistan Area of Iraq.
Oil on the area now began flowing from the Sarta-Three properly into the early manufacturing facility.
Genel owns 30% working curiosity within the area, whereas US main Chevron holds a 50% stake within the licence. The remaining 20% stake is owned by the Kurdistan Regional Authorities.
A workover on the Sarta-2 is presently underway and is predicted to be accomplished in December. Sarta-2 would attain secure manufacturing within the first quarter of subsequent 12 months.
Genel famous that the 2021 drilling marketing campaign preparations are underway and the programme goals to focus on a cloth portion of the 250 million barrels of contingent assets.
Genel chief govt Invoice Higgs stated: “First oil at Sarta is a crucial strategic and operational milestone for Genel, not least given the challenges introduced by Covid-19 in 2020. In that context, progressing Sarta to first oil has been an incredible achievement and a testomony to the alignment and co-operation of the sphere companions and contractors.
“Already the one multi-licence producer within the Kurdistan Area of Iraq, the addition of Sarta additional diversifies our manufacturing and cash flows.
“We look forward to the results of our well programme in 2021, which is designed to further appraise the potential of the field. This will enable us to work with Chevron to optimise the value of the asset in the years ahead.”
In January final 12 months, Genel Power agreed to accumulate stakes within the Sarta and Qara Dagh blocks from Chevron.