Gazprom Neft Interested in Expanding Investments in Kurdistan: Statement
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Gazprom Neft Interested in Expanding Investments in Kurdistan: Statement

ERBIL — The Russian oil giant Gazprom Neft is still interested in developing investments in Kurdistan Region’s energy sector despite the challenging times of the pandemic, the company said in a statement on Wednesday.

“Despite the COVID-19-related restrictions, we continued the implementation of our projects in the region in 2020. The fourth well will be commissioned at the Sarkala field that will allow boosting and supporting the production level,” TASS quoted Vadim Yakovlev, the Gazprom Neft Deputy CEO for Exploration and Production.

“Today, after having created the production base, acquired a unique experience and getting an understanding of the geological peculiarities of the territory, we remain interested in the exploration of new development options in the region,” he added.

According to the latest updates, the company’s production in Kurdistan has reached 4 million tonnes since the beginning of the commercial production at the Sarkala field.

Gazprom Neft Middle East B.V. continued the implementation of main production projects, including the drilling of the fourth well. Its commissioning will increase production to 4,100 tonnes and roughly 32,000 barrels. The well’s commissioning is scheduled for the first half of 2021," the company said.

Gazprom Neft is involved in implementation of two projects in the Kurdistan region: Shakal and Garmian. The share of Gazprom Neft in the Shakal block totals 80% (the remaining stake is owned by the government of the Kurdistan Region), while the share in the Garmian block amounts to 40%. Gazprom Neft has been the operator of the Garmian project since February 2016.