Petrel’s Iraqi oil field contract ‘on track’

PETREL Resources has said its $200 million (€157.53m) contract to rebuild an oil field in southern Iraq is on track and the exploration company is also in the running to develop additional fields.

At the company’s annual general meeting in Dublin yesterday, managing director David Horgan said Petrel was hopeful of securing the rights to develop the Merjan oil field in central Iraq. This area is known to have a huge level of oil reserves, potentially up to 16 billion barrels.

Mr Horgan told Petrel shareholders that after years of patience, the company was one of just a handful to be awarded major contracts.