Investor confidence in Iraqi Kurdistan’s oil sector has taken a hit in recent years with geological downgrades, payment concerns, political upheaval and the advance of the Islamic State. But has it now bottomed out?
Canadian-listed WesternZagros is focused entirely on the KRG, where it has 40% stakes in two blocks – Garmian and Kurdamir. Garmian is the only one currently producing with output from the Sarqala field. Since operatorship transferred to Russia’s GazpromNeft in February 2016 development has stepped up a pace and production has responded accordingly, hitting 7,000 b/d, with the aim of doubling this next year. (CONTINUED - 960 WORDS)