Rosneft, Russia’s largest oil producer, has announced plans to launch oil projects in the Kurdistan region by the end of 2018.
The representative of the company that “the delegation of Rosneft discussed in a meeting with the regional authorities in the province of Dohuk steps to begin implementation of an agreement signed between the parties in October 2017.”
“Projects are expected to start before the end of this year,” he added.
The Russian oil giant agreed with the Kurdistan government to start geological exploration in five sites in the region, and if successful, production will begin in 2021.
Rosneft will pay $ 400 million to invest in the five oil sites, half of which will be paid for the production of these fields.
The share of the Russian company, according to the production sharing agreement is about 80%.
According to preliminary estimates, the oil reserves of the sites are about 670 million barrels.