Oil has been struck in Iraqi Kurdistan by the Austrian petroleum group OMV, which is partly owned by an Abu Dhabi sovereign wealth fund.
OMV, in which the International Petroleum Investment Company holds a 20 per cent stake, said its Bina Bawi 3 well had encountered hydrocarbons in one of the primary reservoir targets. The company said it planned to investigate further.
"We are very pleased to announce this discovery of oil. It seems good quality oil and it was flowing to the surface following a drawdown test," said Jaap Huijskes, the OMV executive board member responsible for exploration and production. "We are now going to continue drilling but I am confident that the final results will be promising."
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