Talisman Energy Operations in Iraq

=History=

Contracts signed with the Kurdistan Regional Government (KRG) in 2008 marked the beginning of Talisman's operations in Iraq.

=Activities and Contracts=

Blocks K44, K39 and K9 (Kurdistan)
As of November 2011 Talisman held contracts in three oil fields in Kurdistan,. In 2008 the company acquired a 40% non-operated interest in Block K44 (Kurdamir Block), in partnership with Calgary-based Western Zagros (40%) and the KRG (20%). They also acquired a 60% operating interest in Block K39 and signed a Production Sharing Contract (PSC) for a 55% working interest in Block K9 in June 2009.

In June 2008 Talisman announced that they would spend CAD $300 million to explore in the region. A company spokesman said that the company had performed a security assessment and thought that the region "stacks up with other areas in the world where it operates, such as Southeast Asia." In March 2012 the company announced that it had discovered light oil at one of its Kurdistan wells.

In December 2012 Talisman's head of exploration Richard Herbert commented to the Petroleum Economist that capitalising on gas sales from its fields may offer a way of magnetising its hydrocarbons in Kurdistan given the politicalise constraints on oil exports, which are controlled by the central State Oil Marketing Organisation (SOMO). This would allow them to recoup some of the money the firm had invested in the Kurdamir prospect.

=References=