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Heritage discovery highlights high stakes oil gamble

Heritage Oil Corporation’s announcement on 6 May of a discovery in the Kurdistan Regional Government (KRG) zone, with oil in place of between 2.3 bbls and 4.2bn bbls, eloquently demonstrated why international oil companies (IOCs) from minnows to supermajors are prepared to take huge risks to participate in Iraq’s hydrocarbons sector.

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African Energy Gulf States Newsletter