The discovery from Heritage made in the West field of Kurdistan, which may contain 2.3 billion – 42 barrels of oil. However, the Kurdish regional government and the central government in Baghdad, the Iraqi government has not yet reached an agreement to share income, which means that the region can not export oil. Talks are under way; some analysts believe that this discovery will help to force agreements.
Paul Dayton, Heritage’s chief financial officer told the media that he “believe that they will be able to export oil,” to withdraw from the area. From the data recorded during the stress tests on the site, management believes that they can be pumped between the 1,000,015,000 barrels of oil equivalent per day.
In the Financial Times 250 Index Company also said that as the cracks in the geological nature of the region is expected to be able to pump a high percentage of oil fields, could be as high as 70pc. The company believes that there could be more found in the area.
Oil analyst Richard Griffith of Evolution, he said that there are similarities between the discovery and found objects Cairn Energy put forward in 2004 and Tullow Oil in 2007, is the key to the discovery of the history of these companies.
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