Japan Petroleum Exploration Co., Ltd. (JAPEX) has announced that Japex Garraf Ltd.(consolidated subsidiary of JAPEX), PETRONAS Carigali Iraq Holding BV (as Operator, hereinafter âPETRONASâ?) and North Oil Company (Iraqi national oil company as a state partner, hereinafter âNOCâ?) have reached an agreement to implement further development of Garraf Oil Field in the Republic of Iraq to increase production in accordance with the Final Development Plan (hereinafter âFDPâ?) approved by the Iraqi authority.
Japex Garraf Ltd, PETRONAS and NOC (hereinafter collectively âGarraf Contractorâ?) have been actively engaged in development and production of the field.
The Garraf Contractor submitted the FDP to the Iraqi government for gradually ramping up its production volume to the plateau production target of 230,000 barrels per day, and continuously discussed the FDP with the Iraq government in detail.
JAPEX, with its expertise in oil/gas exploration and development, will continuously contribute, through Japex Garraf Ltd, towards efficient development and optimization of production operations with a view to maximizing the project value.
