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
 -  Wood Group Engineers to Carry Out Sakh... (May 22)
 -  Sentinel Marine Takes Delivery of New ... (May 22)
 -  Schlumberger Signs MoU with Saudi Aram... (May 22)
 -  BP Staff Raise Money for 4 Charities w... (May 19)
 -  Norwegian Production Drops Month-on-Mo... (May 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Construction Contracts Analyst
Expertise: Contracts Administration|Legal
Location: Alpharetta, GA
 
Senior Construction Contracts Manager
Expertise: Construction Manager|Legal
Location: Alpharetta, GA
 
Sourcing Commodity Leader - Aerospace
Expertise: Project Management|Supply Chain Management
Location: Irvine, CA
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours