Further important milestones in the Kurdistan Region of Iraq by OMV

Further important milestones in the Kurdistan Region of Iraq by OMV

Bina Bawi – extended well test start up with an initial capacity of approximately 5,000 boe/d
Declaration of Commerciality has been submitted to the Ministry of Natural Resources
OMV, an integrated, international oil and gas company, announces the completion of important milestones in the Kurdistan Region of Iraq. An extended well test (EWT) commenced production from the Bina Bawi-3 well on March 20, 2013. Furthermore the contractor group has submitted a Declaration of Commerciality for the field to the Ministry of Natural Resources of the Kurdistan Regional Government (KRG).
The initial capacity of the EWT from Bina Bawi-3 is around 5,000 boe/d with the potential to expand beyond this level to approximately 10,000 boe/d, as future wells become available. The Bina Bawi field, located east of Erbil, is operated by OMV which holds a 36% stake, 44% are held by Genel Energy plc and further 20% by KRG.
A further extensive testing program will be planned on the Bina Bawi-4 and -5 wells during the course of Q2/13, and the contractor group will be moving ahead with the preparation of a Field Development Plan for submission to the Ministry of Natural Resources of the KRG in Q3/13.
Jaap Huijskes, OMV Executive Board Member responsible for Exploration and Production: “We are very pleased with this result. The progress of the development of Bina Bawi as well as the Declaration of Commerciality are important milestones to further expand our business in this region. In accordance with our partners, Genel and KRG, we will continue our work to fully appraise the potential of this promising field. OMV sees the Kurdistan Region of Iraq as an important area for growth and the progress on the Bina Bawi field underlines our ability to execute our strategy”.
Source: OMV
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