KUALA LUMPUR (Nov 23): Malaysian national oil company Petroliam Nasional Bhd (Petronas) said its subsidiary Petronas Carigali Iraq Holding BV marked another significant event in its Iraqi joint-venture (JV) operations with the opening of the K-123 oil and gas well within the Garraf Contract Area in the Thi Qar province.

"The achievement is a testament to the resolute commitment and synergy of Petronas, Japan Petroleum Exploration Company Ltd (JAPEX) and North Oil Company to realise Iraq’s energy aspiration. 

"The success was also made possible through the continued support and dedication of the host authority, Thi Qar Oil Company,” Petronas said in a Facebook post on Sunday (Nov 21).

According to Petronas’ website, the Garraf Contract Area is located onshore within Thi Qar, approximately 250km south-east of Baghdad, 275km north-west of Basra and 85km from the Nasiriyah city.

Petronas said the Garraf Development and Production Service Agreement (DPSC) was signed on Jan 18, 2010 between Iraq’s South Oil Company (SOC) with Petronas Carigali Sdn Bhd (PCSB), JAPEX and North Oil Company for the Garraf Service Agreement area.

The DPSC was subsequently made effective on Feb 10, 2010, according to Petronas.

"PCSB subsequently assigned its participating interests to Petronas Carigali Iraq, while SOC assigned its rights and obligations under the DPSC to Thi Qar Oil Company,” Petronas said.