Austria's OMV announced Thursday that it has carried out an extended well test on its Bina Bawi-3 well Kurdistan region of Iraq, so beginning production at the well at a rate of 5,000 barrels of oil equivalent per day (boepd).
The partners in the field have also submitted a Declaration of Commerciality for the field to the Ministry of Natural Resources of the Kurdistan Regional Government.
OMV said that the initial 5,000 boepd capacity from Bina Bawi has the potential to be expanded to 10,000 boepd as future wells become available. A further extensive testing program is planned for the Bina Bawi-4 and Bina Bawi-5 wells during the course of the second quarter.
Jaap Huijskes, OMV Executive Board Member responsible for exploration and production, commented in a statement:
"We are very pleased with this result. The progress of the development of Bina Bawi as well as the Declaration of Commerciality are important milestones to further expand our business in this region.
"In accordance with our partners, Genel and KRG, we will continue our work to fully appraise the potential of this promising field. OMV sees the Kurdistan Region of Iraq as an important area for growth and the progress on the Bina Bawi field underlines our ability to execute our strategy."
The Bina Bawi field, located east of the Kurdistan city of Erbil, is operated by OMV, which holds a 36-percent stake. OMV's partners include Genel, which has a 44-percent stake, and the Kurdistan Regional Government, which has 20 percent.
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