“Currently, seismic data processing and interpretation is underway; the data will serve as a basis for seismic and geological modelling aimed at identifying formations that are potentially oil- and gas-bearing. The start of exploration drilling at Block 12 has been scheduled for late 2016,” the statement reads.
Meanwhile, the company completed seismic surveys at the block as part of the geological exploration program approved by the Iraqi Ministry of Oil.
Bashneft began hydrocarbon exploration at the Block 12 following a licensing round in summer 2012.
To implement the project, a consortium was established, with Bashneft owning a 70 percent stake, and Iraqi Premier Oil Exploration and Production company holding the remaining 30 percent.
The geological exploration program at Block 12 is expected to last 5 years, and may be extended for another two years.
The Block 12 is located in the Iraqi southern Najaf and Muthanna governorates. This region is believed to have a high potential for oil production.