Independent explorer Genel Energy reported Tuesday that its Miran field in Iraqi Kurdistan has been declared "commercial" by the Kurdistan Regional Government (KRG).
The firm said that a Declaration of Commerciality for the field has been approved by the Kurdistan Ministry of Natural Resources.
Discovered in 2009, the Miran field is estimated to already contain gross mean contingent resources of 3.5 trillion cubic feet of gas, along with 95 million barrels of oil/condensate, in its Miran West structure. The company believes further upside remains in the Miran East and Miran Deep prospects, with an exploration well plan for late 2014.
The focus will now be on the development of Miran. An early production facility for Miran oil was commissioned last month, with the first well brought on-stream at 2,000 barrels of oil per day. Work continues with the KRG to establish a plan to commercialize Miran’s gas.
Genel Head of Business Development Charles Proctor commented in a company statement:
"The Miran Declaration of Commerciality represents an important milestone in the development of this major resource. We now look forward to continuing our work with the KRG to implement the Gas Commercialisation Plan and progress Miran towards project sanction. Our… gas business has the potential to supply a significant portion of Turkish demand growth, as well as having a transformational impact on Genel as our material resource base transitions closer to reserves."
Genel holds a 100-percent working interest in Miran, although the KRG has the right to back in to the license for a 25-percent interest.
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