SN Energy Institute has named one of the most important oil contracts in the Kurdistan Region with foreign companies as its contract with the US Chevron Oil Company for the development of Serta oil field.

Chevron initially owned an 80 percent stake in the 600-square-kilometer oil field, but later acquired a 30 percent stake in Genel Energy, a London-based company.

SN estimates the initial proven reserves of energy in the first phase of Serta oil field development at 35 million barrels, which will be followed in subsequent phases.

The local government of the Iraqi Kurdistan Region, which owns only 20% of the oil field, signed a contract with Chevron in 2012, and according to SN Energy, the contract will expire in 2047. The initial crude oil production capacity in this field is 20,000 barrels per day, which is stored in the tanks built in the field.

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