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Friday, January 28, 2011     GET REAL

Major gas reserves discovered in Kurdistan

LONDON — Iraq's autonomous Kurdish region could contain major natural gas reserves.


A British contractor has reported the discovery of up to 12.3 trillion cubic feet of gas in Kurdistan.

Heritage Oil said the gas was located in the Miran West structure in Iraqi Kurdistan and production could begin as early as 2015.

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"The discovery of a major gas field of up to 12.3 trillion cubic feet in-place with exceptional flow rates makes this one of the largest gas fields to be discovered in Iraq," Heritage chief executive officer Tony Buckingham said. "This well has substantially de-risked the field so we have the confidence to accelerate the work program on Miran."

Heritage said Miran marked the sixth largest gas field discovered in Iraq and was worth $2.7 billion. Executives said the well could produce as much as 100 million cubic feet of gas per day.

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