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Akbar .... upbeat on second oil discovery.

Kuwait Energy announces second oil find in Iraq

KUWAIT, December 25, 2014

Kuwait Energy, an independent oil and gas exploration and production company, said a consortium led by the company, has made its second oil discovery in Iraq.

Kuwait Energy has announced that the consortium comprising Kuwait Energy (70 per cent and operator) and Dragon Oil (30 per cent) has made its second oil discovery at 'Block 9' in Iraq.

The successful discovery was at the consortium's second target, the Yamama formation at 4,000 m, in its Block 9 exploration well, ‘Faihaa-1’, located in Northern Basra, Iraq, said a statement from Kuwait Energy.

Preliminary tests of the Faihaa-1 Yamama formation resulted in oil flow rates of circa 5,000 and 8,000 barrels of oil per day (bpd) of 35 API crude on 32”/64” and 64”/64” chokes respectively.

The consortium will conduct more detailed testing on Yamama towards the end of the year.

Commenting on the find, CEO Sara Akbar said: "This is the second discovery in the first well drilled in Block 9, so we are delighted to have accomplished additional progress. We are confident that Block 9 has strong exploration potential.”

As of November 30, 2014, Kuwait Energy’s production has reached approximately 24,250 bpd equivalent per day, she added.-TradeArabia News Service




Tags: Oil | Iraq | Kuwait Energy |

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