Iraqi-focused oil exploration company Petrel Resources has reported a small loss of €244,000 for the six months to the end of June, an increase on the loss of €126,000 the same time last year.
The company said this is modest in relation to the scale of its current projects and in relation to progress achieved. 'There is strong interest among international financiers in Petrel's projects. We do not anticipate funding difficulties,' it added.
Recently, the Iraqi Ministry of Oil awarded Petrel the Subba and Luhais oil field development services contract. Petrel has worked on this project since 1999. At $197m, it is the biggest and most attractive of the oil field development contracts issued so far.
Petrel said its objective is to boost oil production from current levels of under 50,000 barrels daily to a capacity of over 200,000 barrels daily. The company is also waiting to hear back from other tenders in Iraq.
The company is also involved in exploration work in Jordan, Syria and Saudi Arabia. Petrel said it is mobilising a strong technical team in the Middle East to address progress both in Iraq and neighbouring countries.
'Such opportunities come rarely in the oil industry. Iraq is remarkably under-explored. The potential is vast. The only constraints are guts and imagination,' the company said.
'After the frustrations of sanctions and conflict, we are now embarked on a thrilling phase of our goal of contributing to the development of Iraqi oil resources,' it added.
