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CHAPTER TWO
Developments of Energy Resourrces
In Q2 2012, Lukoil Holdings said it has received the rights to
explore the Block 10 which is located 120 km to the west of Basra.
The deal includes a remuneration fee of $ 5.99 per barrel of oil
equivalent, a signature bonus of $ 25 million, and a mandatory
minimum exploration program which includes a 1,375 km of 2D
seismic acquisition and the drilling of three exploration wells.
Minimum exploration expenditure should be $ 100 million at least.
Lukoil has a 60% share of the field, and Japan
’
s INPEX has 40% of
the shares
i
.
Among other activities, Gulf Keystone announced that the
Bakrman-1 exploration well was spudded on the Akri-Bijeel block
in the Kurdistan Region of Iraq on 7 May 2012. Bakrman-1, the third
exploration well to be drilled on the block, is located 32 km to the
north- west of the Bijell-1 discovery well and 25 km to the north-
west of the Aqra-1 appraisal well, which is currently being drilled
to appraise the Bijell discovery. The well is part of the operator
’
s
extensive exploration and appraisal program, which also includes
the drilling of the Gulak-1 exploration well and three additional
appraisal wells (Bijell-2, Qalati-1 and Qandagul-1). Bakrman-1 will
target prospective intervals in the Jurassic, with a planned total depth
of approximately 3,600 m in the Lower Jurassic.
The Iraqi Ministry of Oil and a consortium comprised of Bashneft
(70%) and Premier Oil (30%), initialed a contract for geological
exploration, development, and production at Block 12. The obligatory
five- year geological exploration program -which can be extended
twice, for a two- year period each time-, includes 2D seismic survey
totaling 2,000 linear kilometers and drilling 1 exploration well. If
i
World Oil, 4/6/2012
