The Kurdistan Regional Government of Iraq (KRG) formally approved the Field Development Plan (FDP) for the Swara Tika discovery in the Sarsang Production Sharing Contract (PSC).

“We are pleased that the KRG has approved our FDP, and we look forward to beginning the next phase of our programme,” said Richard Doidge, Managing Director of Maersk Oil Kurdistan. “This is an important milestone on our journey towards building a material business in the country”.

Maersk Oil holds an 18% participating interest in the Sarsang PSC. The other Sarsang contractors include HKN Energy Ltd (42%, Operator) and Marathon Oil KDV B.V (20%). The remaining 20% interest is held by the KRG.

The Swara Tika discovery is producing at a rate of some 3,000 barrels per day from one well. The FDP comprises development activities that are expected to increase the oil production capacity initially to some 15-20,000 barrels per day during 2016 with an early production system. Once gas handling facilities are established, it is expected that the oil production capacity will be increased to some 50,000 barrels per day, with Maersk Oil entitlement production at approximately 9,000 barrels of oil per day.

About Maersk Oil

Maersk Oil is an international oil and gas company with operated production of 550,000 barrels of oil equivalent per day. Our production comes from Denmark, the UK, Qatar, Kazakhstan, the US Gulf of Mexico, Algeria and Brazil. Exploration activities are on-going in Angola, Norway, Kenya, Ethiopia, Greenland, Kurdistan Region of Iraq and in the producing countries. Turning complex and challenging fields into commercial successes has been the cornerstone of Maersk Oil’s business since 1962. Maersk Oil focuses on pioneering technologies and harnessing talent to continue to operate safely and successfully, creating value for partners and host governments. Maersk Oil is a fully-owned subsidiary of the global conglomerate, the Maersk Group.