ERBIL, Kurdistan Region – Britain’s Genel Energy announced on Monday that they have located two oil bearing reservoirs in the northern area of the Taq Taq oil field in the Kurdistan Region which gives hope for increased oil exports amid conflicts with Baghdad.
“Combined with the testing results, management is optimistic for the potential of the northern flank of the Taq Taq field,” said Genel in a press release on the company’s website.
Genel reported that the well encountered good quality oil in Cretaceous Shiranish and Kometan reservoirs which were drilled to a depth of 3,100 meters.
“However, it is too early to estimate what impact the well result will have on reserves, long-term production rates or future investment activity in the northern flank and the field as a whole,” the statement read.
The gross production at the Taq Taq field is currently 15,100 barrels per day (bpd) of oil.
The oilfields of Bai Hassan and Havana, two major oilfields in Kirkuk, run by the Kurdistan Regional Government (KRG) since 2014, fell to Iraqi armed forces during their incursion into the city of Kirkuk on October 16 which has caused a sharp decline in oil exports and revenue for the KRG.
The relations between the KRG and Iraqi government hit an all-time low following the Kurdish vote on independence held on September 25 but opposed by Baghdad. The vote included the oil-rich Kirkuk province, a disputed area claimed by both Erbil and Baghdad.
The KRG used to export an estimated 530,000 bpd to Turkey's Ceyhan port. But following the loss of oil fields in Kirkuk, Erbil is now exporting about 250,000 bpd, putting pressure on the oil-dependent and cash-strapped Kurdish government.
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