Oil Glut Continues

Oil Glut Continues

Kuwait Energy (“the Company”) announced in December that the consortium comprised of Kuwait Energy (70% and operator) and Dragon Oil (30%) has made its second oil discovery at ‘Block 9’, Iraq.

The successful discovery was at the consortium’s second target, the Yamama formation at 4,000 meters, in its Block 9 exploration well, ‘Faihaa-1’, located in Northern Basra, Iraq.

Preliminary tests of the Faihaa-1 Yamama formation resulted in oil flow rates of circa 5,000 and 8,000 BOPD of 35 API crude on 32”/64” and 64”/64” chokes respectively.

The consortium will conduct more detailed testing on Yamama towards the end of the year.

Sara Akbar, CEO of Kuwait Energy, said:
“This is the second discovery in the first well drilled in Block 9, so we are delighted to have accomplished additional progress. We are confident that Block 9 has strong exploration potential”

Source: Kuwait Energy

Oil and Gas Press

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