About Project

The Miran Block is located in the Kurdistan region of Iraq. The center of the Miran Block lies approximately 86 kilometers from the center of the giant Kirkuk oil field and 60 kilometers from the center of the Taq Taq oil field. The Fertilizer & Gas Projects Strategy is based on Miran Field, (“the Transaction”).

LOCATION      : Baghdad, Republic of Iraq

SERVICE           : Transaction Management

VALUE               : USD 800 million

CLIENT             : Royal Gas Ltd. Co.

TYPE                  : Industrial

OVERVIEW

At 124.6 trillion cubic feet (“tcf”), Iraq’s proven natural gas reserves at the end of 2020 were the 11th largest in the world. A large proportion of Iraq’s natural gas reserves are also associated with oil reservoirs (somewhere between 67% and 75%). In 2022, Iraq’s dry natural gas production was 332 billion cubic feet (“bcf”), but consumption was 657 bcf, much of which went to the electricity sector. Iraq flared 628 bcf of natural gas in 2022, ranking as 3rd largest source country of flared natural gas in the world behind Russia and Iran.

Rockflow was engaged to develop an evaluation of the feasibility and viability of Miran Field and the drafting of an initial high-level business plan.

The Reservoir is described as a complex, fractured carbonate with heavy oil and sour gas. After further studies over a number of years, a gas Field Development Plan (“FDP”) in 2018 envisaged gas production ramping up to a plateau of 500 mmscfd for a ten-year period. The sour nature of the gas meant that a development of this scale would yield around 2,400 tons per day of elemental sulfur.

In 2024, Kingston led the Development, through-out pre-feasibility, feasibility and bankable feasibility, legal-financial-technical structure, financing plan, and documentation, to develop the Plant.