Kurdistan Region of Iraq License Areas
Licence areas overview
Taq Taq
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The Taq Taq field is located in the Kurdistan Region of Iraq, 60 km north of the giant Kirkuk oil field, 85 km south-east of Erbil and 120 km north-west of Sulaimaniyah.
Addax Petroleum, through its participation in Taq Taq, is an early entrant in what is potentially a world class oil field.
In July 2005, Addax Petroleum entered into a farm-in agreement with Genel Enerji A.S. (Genel) for a 30% interest in a Production Sharing Agreement (PSA) for the Taq Taq field. Addax Petroleum subsequently increased its equity position in the Taq Taq field to 45% when it acquired an additional 15% participating interest, subject to Kurdistan Regional Government (KRG) back in rights, from Genel Enerji by way of Revised Production Sharing Agreement in November 2006. The Revised Production Sharing Agreement entered into by Addax Petroleum and Genel Enerji with the KRG also expanded the geographic scope of the original PSA to include the Kewa Chirmila prospect. The Production Sharing Agreement was revised again in February 2008 in order to conform to the model Production Sharing Agreement published by the KRG and gave the KRG the right to require that at a future date a government nominated entity is assigned a 20% interest, which would reduce Addax Petroleum’s interest to 36%.
Description
The license area covers an area of approximately 235,100 acres (951 km2), which includes the TaqTaq field and Kewa Chirmila prospect.
Field activities
Operations in the Kurdistan Region of Iraq are undertaken by TTOPCO, Joint-Venture company established by Addax Petroleum and Genel Enerji.
TTOPCO commenced drilling activities in mid-2006 and has carried out a continuous appraisal and early development drilling campaign since then:
TT-04 tested at an aggregate flow rate of 29,790 bbl/d gross in November 2006
TT-05 tested at an aggregate flow rate of 26,550 bbl/d gross in March 2007
TT-06 tested at an aggregate flow rate of 18,900 bbl/d gross in June 2007
TT-07 tested at an aggregate flow rate of 37,560 bbl/d gross in September 2007
TT-09 tested at an aggregate flow rate of 16,170 bbl/d gross in January 2008
TT-08 tested at an aggregate flow rate of 35,750 bbl/d gross in March 2008
TT-11 tested at an aggregate flow rate of 470 bbl/d gross in November 2008
- In 2007, TTOPCO acquired 292 km2 of 3D seismic covering the Taq Taq field and 218 km of 2D seismic covering the remainder of the licence area including the Kewa Chirmila prospect.
Facilities
Two drilling rigs are currently in place:
- IRI-900 is drilling the TT-11 appraisal well to evaluate a shallow oil bearing reservoir
- Kurdistan-1, a second larger drilling rig, was contracted in August 2008 and is drilling the TT-10 well