Kuwait Energy Discovers Oil at Faihaa-1 Well in Block 9 in Basra, Iraq

Dragon Oil plc, an international oil and gas exploration, development and production firm based in Dubai, United Arab Emirates, announced Wednesday that field operator Kuwait Energy has struck oil at Faihaa-1 exploration well in Block 9 in northern Basra, Iraq.

The successful discovery was made by the consortium, comprising Kuwait Energy and Dragon Oil in a 70-30 percent partnership, at the Mishrif formation at 8,858 feet (2,700 meters) in the Block 9 exploration well. Preliminary tests of the Faihaa-1 Mishrif formation resulted in a flow rate of circa 2,000 barrels of oil per day (bopd) of 20 degree API oil on 32/64 inch choke. The consortium will conduct more detailed testing on Mishrif towards the end of the year.

Kuwait Energy revealed that the consortium intends to continue drilling activities, exploring deeper horizons and collecting further data to fully evaluate the discovery and to define an appraisal plan.

"We are pleased to report along with our operating partner Kuwait Energy an oil discovery in the first target, the Mishrif formation, in Block 9, Iraq. This represents the first significant success in Dragon Oil's exploration portfolio. Drilling continues towards the second target, which will be tested later this year, and we look forward to a full evaluation of the discovery and the drawing up of a block appraisal plan by the consortium." Dr Abdul Jaleel Al Khalifa, Dragon Oil's CEO said in the press release.



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
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)
 -  Statoil Makes North Sea Oil, Gas Disco... (Mar 24)
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Geologist / Environmental Engineer
Expertise: Environmental Engineer|Geologist
Location: Atlanta, GA
 
Sr. Geologist - Delaware Basin Subsurface Reservoir Characterization
Expertise: Geologist
Location: Midland, TX
 
Sr Accountant - Property
Expertise: Accounting|Asset Management|IT - Programming & Database
Location: Dallas, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours