Hess, Petroceltic Sign PSC for Iraqi Exploration Blocks

Hess Corporation and Petroceltic International have signed production sharing contracts (PSCs) with the Kurdistan Regional Government of Iraq for the Dinarta and Shakrok exploration blocks.

The exploration blocks are located north-east of Erbil and cover a combined area of 1,737km².

Hess, the operator, holds a 64% participating interest and an 80% paying interest in the blocks.

The joint venture will acquire 2D seismic data and drill at least one exploration well under each PSC, which has an initial exploration period of three years.

Hess Corporation’s president of worldwide exploration and production said that the expansion into Kurdistan will allow the firm to increase its reserves and production.