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FINANCIAL NEWS
New oil well in Iraqi Kurdistan
05 Jun 2011
(MENAFN) Austrian petroleum group OMV, in which Abu Dhabi’s International Petroleum Investment Company holds a twenty percent stake, stated that the company came across oil while exploring in Iraqi Kurdistan, reported The National.
OMV’s executive board member responsible for exploration and production, Jaap Huijskes, said that drilling in the company’s Bina Bawi 3 well resulted in findings of hydrocarbons in a primary reservoir target.
Huijskes added that more investigations must be held. However, he said that the oil in the well seems to be of good quality, so preliminary results are very promising.
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