KRG Ministry of Natural Resources

21 November 2006

Erbil, Kurdistan-Iraq (KRG.org) The Kurdistan Regional Government welcomes the recent announcement of the appraisal well test results from the Taq-Taq oilfield by Genel-Addax, the oil exploration joint venture. 

On November 20, Genel Enerji and Addax Petroleum, holders of the Production Sharing Contract for the Taq-Taq field in the Kurdistan Region, announced appraisal test results for the recently drilled and completed TT-04 well, the first development well on the Taq-Taq field. 

Through a selective completion programme, three reservoir intervals were tested separately and flowed at a maximum aggregate rate of 29,790 barrels per day (on a 64/64” choke size) of light, 47 degrees API oil. 

Dr. Ashti Hawrami, KRG Minister for Natural Resources, said, “This is a great achievement and we look forward to establishing our initial export of oil from the Taq-Taq field during 2007. Additionally, we will be utilising some of the oil resources from the Taq-Taq field to satisfy the local requirement for refined products and power generation. We will continue our exploration campaign to achieve our oil export target of one million barrels per day of new oil from the Kurdistan Region over the next few years. This will make a significant contribution to the oil revenues to be shared by all peoples of Iraq.” 

Dr. Hawrami added: “Following the imminent entry into force of the Kurdistan Region Petroleum Act, we are expecting further investment activities in the near future to achieve our target." 

To see the full text of the announcement of Genel Enerji and Addax Petroleum, click http://www.genel-enerji.com 

For further comment, contact the KRG Spokesman: spokesman(at)krg.org