Rosneft and Kurdish Autonomous Region agree on cooperation at five production blocksStaff Writer | October 19, 2017
Rosneft and the Government of the Kurdish Autonomous Region of Iraq signed the documents required to put into force Production Sharing Agreements (PSA) with respect to five production blocks located in the Kurdish Autonomous Region.
Oil exploration Production Sharing Agreements
The parties agreed to implement the geological exploration program and to start pilot production as early as in 2018.
In case of success, in 2021 it is planned to start full-field development of the blocks.
According to conservative estimates, the total recoverable oil reserves at five blocks may be about 670 million barrels.
The documents were signed in pursuance of the Investment Agreement which was concluded at the St. Petersburg International Economic Forum in 2017. ■