Irish gas company to tender for Iraqi oil fields
Petrel Resources, the Clontarf-based oil and gas exploration company, is due to submit tenders to develop three oil fields in Iraq - Kirkuk, Hamrin and Subba/Luhais.
These tenders will be submitted in March, April, and May respectively. Both Kirkuk and Hamrin have proven reserves, and Subba has surface engineering in place, but there is extensive damage.
Petrel anticipates commencing a general Western Desert geological sampling programme as soon as weather conditions permit. Seismic interpretation, mapping and evaluating satellite imagery is ongoing.
Petrel Resources maintains that its decision not to participate in the UN-administered oil for food programme between 1999 and 2002 has been fully vindicated.
Short-term, one-off commissions were available and attractive at the time, and each two-million-barrel oil trade could have produced commission of $600,000 (€471,652), a substantial sum to an explorer.
The Petrel board has maintained its wait to obtain an Iraqi oil field.
Executive chairman John J Teeling is also chairman of African Diamonds plc and African Gold plc.
