ERBIL, Iraq, Jan. 26 (UPI) -- Independent energy company Heritage Oil announced it made a major gas discovery in the semiautonomous Kurdish region of Iraq, the largest in decades.
Heritage announced Wednesday that it estimated there was at least 12 trillion cubic feet of gas and 53 million-75 million barrels of oil associated with its Miran West structure in northern Iraq.
Heritage Chief Executive Officer Tony Buckingham said in a statement that the discovery gave him confidence to move quickly to develop the Miran West field.
"The discovery of a major gas field of up to 12.3 trillion cubic feet of in-place (gas) with exceptional flow rates makes this one of the largest gas fields to be discovered in Iraq," he said in a statement.
Buckingham added production could start as early as 2015.
Energy companies are faced with political hurdles in Iraq because of disputes between the Kurdish and central governments over laws governing the energy sector. Both sides, however, have suggested the disputes could be resolved in the near future.
