Gulf Keystone discovers oil in Kurdistan

07 October 2009

Potential of finding light oil in Shaikan Block increases

The UK’s Gulf Keystone has discovered oil in the upper sections of its Shaikan-1 exploration well in Kurdistan.

The company says the discovery is in addition to the potential 2-4 billion barrels of oil in the wider Shaikan Block, after completing a 2D seismic survey.

It says the discovery of the new oil zone improves the possibility of finding additional light oil in an area of 700 metres to 1 kilometre deep, that still has to be drilled.  

The firm says the 2-4 billion barrel reservoir figure was estimated by its technical staff after analysing 171km of seismic studies from an overall block area of 283 sq km.

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