March 25, 2015
Company "Petrosaltic International" Irish oil producer announced that it has agreed with its partner, "Hess" to withdraw from the field license Dinara in Iraq's Kurdistan region, while the main reason for the drop in oil prices and the lack of conclusive results of the exploration.
The company said in a report that he "agreed with its partner Hess Middle East New Ventures, which owns 16% of the project to withdraw from exploration in Dinara Kurdistan field license," attributed the reason to "lower oil prices and the lack of conclusive results of exploration, as well as the lack of time the remainder of the production. "
The company added that "additional wells will be needed for further evaluation on the possibility of production."
It is noteworthy that the company "Hess" manages field license Dinara return for a share of 64% of production, while the Kurdistan Regional Government retains 20% of it. | ST |
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