Kuwait Energy and Dragon Oil have announced a discovery at the onshore Iraq oil well Faihaa-1
According to a statement from the companies, the well located north of Basra produced 2,000 bpd oil during a production test.
The firms will continue drilling in the area and conduct further tests in Faihaa-1 towards the end of the year.
Sara Akbar, CEO of Kuwait Energy said, “This is the first well drilled in our planned high-impact exploration campaign on Faihaa-1, so we are delighted to have made a discovery so quickly.
“We continue to believe that this area has strong exploration potential and look forward to facilitating an appraisal plan on Faihaa-1 and continuing to drill other exploration targets.”
Kuwait Energy revealed that the work commitment in the initial five-year exploratory period will include de-mining, seismic acquisition, and drilling one exploratory well.
