facebook
twitter
rss
account
search
search
 

Energy company leaves Iraq empty-handed

Feb. 4, 2013 at 9:31 AM   |   Comments

LONDON, Feb. 4 (UPI) -- British company Sterling Energy said there wasn't enough potential from a block in the Kurdish north of Iraq to keep its production sharing contract.

Sterling Energy said it notified the Kurdistan Regional Government of Iraq that seismic data from the Sangaw North block provided little justification to continue with drilling operations there.

"While we are naturally very disappointed to have been unsuccessful in our exploration efforts in Kurdistan, we now look forward to focusing on, and adding to, our remaining high potential exploration interests in Africa," said Sterling Chief Executive Officer Angus MacAskill.

Sterling said it started seismic surveys of the block last year. The block is about 80 miles south of the Kurdish capital Erbil. Test rates from five early wells found natural gas but not in commercial quantities.

The semiautonomous Kurdish government placed restrictions on oil exports in response to ongoing political battles with the central government in Baghdad over the oil sector. Ongoing political turmoil is in part to blame for restrictions on Iraq's post-war energy sector.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Texas, N.D. oil push imports down
2
Australia orders Supacat special operations vehicles
3
Scout attack helicopter demos firepower
4
Oil spill reported in North Dakota
5
Gulf of Mexico auction draws $100 million in bids
Trending News
Video
x
Feedback