Total Acquires Stake in Kurdistan PSC

Vancouver-based ShaMaran Petroleum announced Monday it has sold its entire 20 percent undivided participating interest in the Taza production sharing contract, held by ShaMaran's fully-owned subsidiary ShaMaran Petroleum B.V., to a Total S.A. subsidiary for $48 million cash plus a reimbursement for costs incurred on joint operations from the 1st April 2012 until the closing date.

The Taza-1 exploration well is currently drilling on the Taza prospect, which is located approximately 49 miles (80 kilometers) southwest of the city of Sulaimaniya. The exploration well is planned to a depth of 10,662 feet (3,250 meters).

Prior to the sale, ShaMaran held a 20 percent participating interest in the Taza Block. Oil Search (Iraq) Limited holds a 60 percent participating and is the operator of the block. The remaining 20 percent interest in the block is held by the Kurdistan Regional Government of Iraq and was carried by ShaMaran and Oil Search.

Late last month, Total acquired a 35 percent working interest in the Harir and Safen blocks in Iraq's Kurdistan region from Marathon.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Directional Driller - South Texas
Expertise: Driller
Location: San Antonio, TX
 
United States Houston: Sr Advising Engineer - Tech Development
Expertise: Business Development|IT - Software Development
Location: Houston, TX
 
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
 
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours