Irish oil and gas exploration company Petrel Resources will soon submit tenders to develop three oil fields in Iraq - in Kirkuk, Hamrin and Subba and Luhais.
The Kirkuk tender to develop the Khurmala dome will be submitted by the end of March, and proposes to design, build and commission a 120,000 barrel per day facility.
In a statement, Petrel said the reserves in Kirkuk are proven, but that there is no 'surface engineering' on the dome, meaning the oil is present but the site has not been developed to extract the oil.
The well at Subba and Luhais has surface engineering but this has been extensively damaged. Petrel expects a combined 120,00 barrels per day from the two wells.
Petrel said it anticipates starting a general Western Desert geological sampling programme as soon as weather conditions permit. Seismic interpretation, mapping and evaluating satellite imagery is ongoing, the firm said.
The Ccmpany has also noted recent press speculation regarding oil trading contracts in Iraq and has received many enquiries from shareholders in recent days.
These are cash contracts, though a future sovereign government may convert them to risk-sharing arrangements.
