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Wednesday, May 13, 2009

British firm reports major oil find in northern Iraq

BAGHDAD — A major energy discovery has been reported in Kurdistan, the autonomous northern region of Iraq.   

The U.S. firm, Heritage Oil Corp., has reported a giant oil field in Iraqi Kurdistan, Middle East Newsline reported.

The company said the 330-square kilometer Miran field contained reserves of up to 4.2 billion barrels of oil, 70 percent of which was recoverable.

Executives said drilling of the reserves could begin by 2010. They cited the Miran West-1, which would undergo tests over the next few months.

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"Testing was severely constrained by the limitations of the downhole and surface testing equipment and the loss of over 100,000 barrels of drilling fluid and lost circulation material due to the highly fractured nature of the reservoirs," Heritage Oil said.



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