President and CEO of Sonoran Energy Paul Bristol has announced that the Company's Iraqi Joint Venture is expanding its interest in obtaining proven oil reserves in Iraq.
The Joint Venture, known as Iraq Resources, is targeting Iraq's heavy oil sector, and has identified interests in the Qayarah Oilfield located south of the northern city of Mosul. The Qayarah field contains known oil and gas reserves estimated at 4,000 MMbbl and 2,000 MMscf.
The field, located near the Tigris River approximately 45 miles south of Mosul, was producing from 39 wells with a total production rate of approximately 23,000 barrels of oil per day (bpd).
Sonoran's Joint Venture with its Iraqi partners is also studying other heavy oil reserves and will identify those targets once formal applications have been made with the Iraqi Oil Ministry. Sonoran Energy has a 49 percent interest in Iraq Resources with 51 percent held by Mark Marketing Consultants, a company controlled by Iraqi Husam Kashani, the Managing Director of Ian Banham Associates.
Sonoran Energy is an independent oil and gas company with a presence in Iraq, Peru and North America. The Company intends to build a portfolio of high producing oil and gas fields in Iraq with production potential in excess of 50,000 bpd, and is pursuing material and high value global oil and gas upstream opportunities. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
