Russian oil company Bashneft has completed field seismic surveys at Block 12 in Iraq as part of its exploration and production contract it won in June 2012.
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The data from the survey will be used to identify oil and gas formations in the area with drilling scheduled to start late 2016.
Investment in exploration at Block 12 in Iraq has been estimated to reach some $120mn over a five-year period.
The five-year geological exploration programme at Block 12, which may be extended for two years, involves conducting 2D and 3D seismic surveys and drilling one exploration well, Bashneft said in a statement.
“Under the service contract, before the start of seismic surveys, Bashneft had conducted an environmental impact assessment and a survey of the site designated for seismic exploration in order to detect unexploded mines and shells.
“Given that operations in Iraq entail considerable risk, the company gives priority to ensuring the safety of its employees and contractors working at Block 12,” it added.
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