Genel Energy says it has been given the go-ahead to develop the Miran field in Kurdistan.
The Kurdistan Regional Government has approved a declaration of commerciality for the field, which Genel holds a 100% working interest in.
The Miran West, discovered in 2009, is expected to contain 95million barrels of oil and condensate, with further resources in the Miran East and Miran Deep prospects which are due for exploration next year.
The total output of the field is expected to be around eight trillion cubic feet of gross recoverable resources.
“The Miran declaration of commerciality represents an important milestone in the development of this major resource,” said Genel head of business development Charles Proctor.
“We now look forward to continuing our work with the KRG to implement the gas commercialisation plan and progress Miran towards project sanction.
“Our KRI gas business has the potential to supply a significant portion of Turkish demand growth, as well as having a transformational impact on Genel as our material resource base transitions closer to reserves.”
Development is due to get under way on the site later this week, with a gas commercialisation plan expected to be signed by the end of 2013.
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