Russia’s Bashneft completes seismic surveys at Iraq’s Block 12
UFA, Russia -- Bashneft International, the operator of Bashneft’s overseas upstream projects, has completed field seismic surveys at Iraq’s Block 12 as part of the geological exploration program approved by the nation’s oil ministry.
Oil Exploration Company, an Iraqi company specializing in geological and geophysical exploration, which won the open tender in the spring of 2014, was employed as a contractor to conduct seismic surveys at Block 12. The company performed 3D seismic surveys covering an area of 849 km2 and 2D seismic surveys along two lines with a total length of 192 linear km.
Currently, seismic data processing and interpretation is underway; the data will serve as a basis for seismic and geological modelling aimed at identifying formations that are potentially oil- and gas-bearing.
The start of exploration drilling at Block 12 has been scheduled for late 2016.
The five-year geological exploration program at Block 12, which may be extended for two years, involves conducting 2D and 3D seismic surveys and drilling one exploration well.
Investments during the five-year geological exploration program are expected to total $120 million.
Under the service contract, before the start of seismic surveys, Bashneft had conducted an environmental impact assessment and a survey of the site designated for seismic exploration in order to detect unexploded mines and shells.
Block 12 has an area of 7,680 km2 and forms part of the Western Desert, an unexplored region having the greatest oil potential in Iraq. The Block is located in the Najaf and Muthanna provinces, approximately 80 km to the southwest of the city of Samawa and 130 km to the west of the city of Nasriya.
Bashneft gained the right to operate hydrocarbon exploration, development and production at Block 12 following a licensing round in June 2012.
To implement the project, a consortium was established, with Bashneft being represented by its wholly owned subsidiary Bashneft International, which owns a 70% stake in the consortium and acts as the operator of the project.
Bashneft’s partner in the consortium, Premier Oil, is represented by its subsidiary, Premier Oil Exploration and Production (Iraq) Ltd., holding a 30% stake.
