Gulf Oil and Gas accountACCOUNT

ShaMaran Amend to Pulkhana and Arbat PSC

Source: www.gulfoilandgas.com 8/12/2010, Location: Middle East

ShaMaran Petroleum Corp. is pleased to announce that the Company has entered into an agreement with the Kurdistan Regional Government of Iraq (KRG) to amend the Pulkhana Block 10 and the Arbat Block Production Sharing Agreements (PSC). The amendments relieve the Company of its contractual requirement to allot 150 million common shares of ShaMaran for the capacity building and infrastructure support of the Kurdistan Region. The Company on its part has agreed to contribute twenty percent of its future Profit Oil share from each of the Pulkhana Block 10 PSC and the Arbat Block PSC for the capacity building of the region.

Pradeep Kabra, President and CEO of ShaMaran, commented, "The new arrangement is a win-win situation for the Company and the KRG as it reduces dilution of the Company while at the same time it enables the KRG to achieve its objective of generating capacity building funds which can be used for developing infrastructure in the region."

The Company is also pleased to announce that it has completed the acquisition of planned seismic in Pulkhana Block 10 and the K 42 Block and has commenced the acquisition of 350 line km of 2D seismic in the Arbat Block. The Company is in the process of procuring a drilling rig for a fourth quarter spud in the Pulkhana Block.

Oil & Gas Companies News in Iraq >>

Saudi Arabia >>  5/29/2020 - Advanced Petrochemical Company (ADVANCED) announces the signing of Shareholders Agreement between Advanced Global Investment Company (“AGIC”, a subsid...
United Arab Emirates >>  5/20/2020 - Lamprell, through its site services business, has been selected by Sharjah National Oil Corporation (SNOC) to undertake a medium-sized* engineering, ...

United Arab Emirates >>  5/18/2020 - McDermott International, Inc. has been awarded a sizeable* contract from a Middle East customer to carry out front-end engineering and design (FEED) w...
Saudi Arabia >>  5/14/2020 - Fluor Corporation was named project management consultant for Advanced Global Investment Company’s (AGIC) new propane dehydrogenation, polypropylene a...

United Arab Emirates >>  5/11/2020 - Penspen has been awarded a contract by Target Engineering Construction Co LLC for slug catcher replacement support on a project on Zirku Island in UAE...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.