(World Oil) — The Norwegian oil and gas operator (DNO) has announced an agreement with ExxonMobil to join the Bashiqa license in the Kurdistan Region.
According to World Oil, DNO will assume operatorship of the license with a 40% paying (32% net) interest, acquiring one-half of ExxonMobil's position. ExxonMobil retains a 40% paying (32% net) interest, the Turkish Energy Company (TEC) its 20% paying (16% net) interest and the Kurdistan Regional Government its 20% carried interest.
Pending Government's approval, DNO will drill an exploration well in the first half of 2018 with a second exploration well to follow on a separate structure.
The 324-km2 license is situated 60 km west of Erbil and 20 km east of Mosul. ExxonMobil had previously conducted extensive geological and geophysical studies and constructed a drilling pad before the work was interrupted due to security conditions in the region.