On 2 October 2017, Rosneft concluded drilling operations in the Salman 1 well on Block 12 (Zagros Foredeep Basin) in Southern Iraq. The NFW, which is the company's first on the block, was spudded on 9 February 2017 and was drilled by the Chinese Zhongman Petroleum and Natural Gas Group (ZPEC). It reached a TD of 4,277m. It is understood that Rosneft was targeting carbonates of the Mid-Triassic Kurra Chine formation. <P />The well forms part of the work commitment on the block, which was awarded to Bashneft from Iraq's Fourth Licensing Round with an effective date of 1 January 2013. The block has an initial five-year exploration period, extendable for two years. A 2D / 3D seismic programme over the Block started in July 2014 and it was reported in early April 2015 that the survey had been completed with the acquisition of 192km 2D & 849 sq km 3D data. <P />In October 2016 Rosneft purchased a 50.08% stake in Bashneft from the Russian Government and has subsequently sought to buy out the minority interests in Bashneft. Bashneft currently holds a 70% interest in Block 12 and is partnered by Premier Oil Exploration & Production (Iraq) Ltd (30%). However, Premier Oil reported on 25 February 2016 that it is to assign its entire 30% WI in Block 12 to Bashneft following the signing of an agreement between the two companies on 14 December 2015. It is understood that this transaction remains pending.
Iraq, Block 12