Rosneft, KRG sign contract to begin work on 5 oil blocks
19.10.17
Rosneft, KRG sign contract to begin work on 5 oil blocks: [rudaw.net] ERBIL, Kurdistan Region – In the latest development of their deal, Russian oil giant Rosneft and the Kurdistan Regional Government (KRG) have signed a contract to begin work on oil production blocks in the Region.
“The parties agreed to implement the geological exploration program and to start pilot production as early as in 2018,” Rosneft announced in a statement on Wednesday.
The company hopes to see full field development by 2021 of the five blocks that contain an estimated 670 million barrels of oil reserves. Rosneft will hold an 80 percent share.
Details of the locations of the five blocks were not provided.
The KRG has not immediately issued a statement on the new contract.
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