$5,000,000

Iraqi Kurdistan Bina Bawi License

Thr Kurdistan Regional Government is seeking investment to supoort the development and production of the Bina Bawi gas field, located approximately 300km from Turkey and 60km from Erbil in the Kurdistan region of northern Iraq.

The field resembles a large anticlinal structure, with most of the gas and condensate resources found within the Triassic Kurra Chine and Geli Khana reservoirs. Minor oil resources are present in the shallower Jurassic reservoirs.

The Bina Bawi field is estimated to contain gross contingent (2C) reserves of 34 million barrels (Mbbls) of oil with an API of 45° (light), while raw gas reserves are estimated to be 8.2 trillion cubic feet (tcf).

The first well on the field, Bina Bawi-1, was drilled in 2007, which identified the presence of 35° API (light) oil while drilling through the Cretaceous zone. It tested approximately six million standard cubic feet (scf) of gas a day in the Triassic zone.

Drilling on the Bina Bawi-3 well was completed in 2012, which identified the presence of a gross hydrocarbon column of more than 800m in the Jurassic zone. It comprises two Jurassic reservoir intervals, which produced more than 4,000 barrels of light oil a day.

An extended well test (EWT) was conducted on Bina Bawi-3 in 2012. The well tests determined the presence of very sour oil, with concentrations of up to 190,000ppm of hydrogen sulphide (H2S) and 50,000ppm of carbon dioxide (CO2). The field was declared commercial in March 2013, following completion of the EWT.

The fourth appraisal well, Bina Bawi-4, was spudded in June 2012 and focused on testing the Jurassic, Triassic and Permian reservoirs. The Bina Bawi 5 was spud in October 2012 and focussed on the Jurassic and Triassic reservoirs, in addition to testing a closure of the structure to the North West.

The wells were tested and confirmed the presence of a 1,500m gas column. Drill stem tests were also conducted on the wells, which confirmed the field to be a major gas discovery. The sixth appraisal well, Bina Bawi 6, was drilled in 2014.

Extended well tests on Bina Bawi 4, 5, and 6 wells were completed in 2014, which resulted in substantially lower oil volumes, but a significant increase in sour gas potential.

Details

Asset Name : Iraqi Kurdistan Bina Bawi License
Ref : ME-IQK-BINABAWI
Continent : Middle East
Country : Iraqi Kurdistan
Location : Onshore
Project Phase : Appraisal / Development
Latitude : 36.2477996
Longitude : 44.4415615
Operator : Kurdistan Regional Government (KRG)
Farmout company : Kurdistan Regional Government (KRG)
Mandated Agent : none
Work Programmes : Development
Back Costs : Unknown
Equity Offered : 0 - 20%, 20 - 40%
Deal Status : Open
FarmoutAngel Valuation : $25,000,000 - $50,000,000
FarmoutAngel confidence : Low
Consideration Sought : $5,000,000

Find on Map

Get Directions
Go to Top