Middle East Economic Survey

VOL. LIV

No 31

1-Aug-2011

IRAQ

Hess, Petroceltic Swoop To Take KRG Blocks

US independent Hess and Irish oil firm Petroceltic announced on 27 July that they had won Production Sharing Contracts (PSCs) for the Dinarta and Shakrok blocks in the north of the Kurdistan Regional Government (KRG). Hess as operator will take an 80% paying stake, with Petroceltic the remaining 20%, but the KRG will have an option on declaration of commerciality to take 20%, in which...