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Rosneft inks Kurdistan PSA

Written by  AOG Staff Friday, 20 October 2017 21:14
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Rosneft and the Government of the Kurdish Autonomous Region of Iraq have signed the documents required to put into force production sharing agreements (PSA) with respect to five production blocks located in the Kurdish Autonomous Region.

The share of Rosneft in the PSA will be 80%, and the payments for the projects farm-in and geological information for each block ranges from US$40-$110 million and may total $400 million.

The parties agreed to implement the geological exploration program and to start pilot production as early as in 2018. In case of success, in 2021 it is planned to start full-field development of the blocks.

According to conservative estimates, the total recoverable oil reserves at five blocks may be about 670 MMbbl.  

Image: Rosneft

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