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Even leaving aside the potential impact of sustained lower output from the Saudi/Kuwait Partitioned Neutral Zone (PNZ – see above) the MENA region is set to diminish in importance for Chevron.
The US major, in its latest annual report, reveals that it is pursuing opportunities to farm down its stakes in its three exploration blocks each in Iraqi Kurdistan and Morocco.
In the KRG, Chevron operates and holds 80% interests in the Rovi, Sarta and Qara Dagh production-sharing blocks.
The company says it is evaluating results of initial drilling on the Sarta and Rovi blocks and began acquiring 3D and 2D seismic data in Sarat and Qara Dagh. It noted that activities were halted in August last year due to what it called the “ongoing regional instability,” a reference to the advance by Islamic State militants toward the Kurdish regional capital of Erbil after their June thrust into northwestern Iraq. Operations resumed in the first quarter of 2015, it adds, when the company continued its testing and evaluation programs at the Rove and Sarta wells and restarted the seismic acquisition program at Qara Dagh. “Farm down opportunities are being pursued for the three blocks,” it adds in the section on its Kurdistan operations.
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