Total makes new oil discovery in Iraqi Kurdistan

 

French oil major Total said on Monday it had struck oil and gas near the city of Arbil in the autonomous Kurdistan region of Iraq, its second discovery in the Harir block in two years.The discovery is welcome news for Total, which had disappointing drilling results in recent years, despite an increase in its exploration budget. It is set to announce a revamp of its strategy next year.The French company has ignored threats from the central Iraqi government in Baghdad and signed oil deals directly with the semi-autonomous Kurdistan region, where crude reserves are plentiful and contract terms more attractive than in the south.

 

French oil major Total said on Monday that it had struck oil and gas near the city of Arbil in the autonomous Kurdistan region of Iraq, reports Reuters.

The discovery is welcome news for Total, which had disappointing drilling results in recent years, despite an increase in its exploration budget. It is set to announce a revamp of its strategy next year.

The French company has ignored threats from the central Iraqi government in Baghdad and signed oil deals directly with the semi-autonomous Kurdistan region, where crude reserves are plentiful and contract terms more attractive than in the south.