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Hess Corporation Secures Exploration Contracts in Kurdistan, Iraq

Hess Corporation has secured exploration rights for the Dinarta and Shakrok blocks in Kurdistan, Iraq. In partnership with Petroceltic International PLC, Hess will maintain a 64 percent participating interest and 80 percent paying interest in the blocks.

The production sharing contracts are held with the Kurdistan Regional Government of Iraq and cover an area of 1,737 km sq just North East of Erbil. The move was described as “a good strategic fit for our global portfolio and offers a material opportunity to grow our reserves and production” by the Hess President of Worldwide Exploration and Production, Greg Hill.

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Business Desk
Editors and staff from the Business Desk at The Global Herald.

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