In a statement Ivanhoe said, “[We] will evaluate the potential response of the Qaiyarah Field to the latest in Enhanced Oil Recovery (EOR) techniques to produce higher quality, more valuable crude oil. The work will include an assessment of the oil-in-place in the reservoirs, and the optimum EOR/HTL methods to establish economically recoverable reserves at Qaiyarah.”

“If the evaluation studies indicate development of the field is economically viable, Ivanhoe will present a development plan and offer a commercial proposal to implement an enhanced oil recovery program for Qaiyarah. The Ministry of Oil is under no obligation to execute the project or to enter into formal commercial negotiations at the completion of [our] study,” it added without elaborating further.

According to Ivanhoe President and CEO Leon Daniel, “The Company expects to complete the study within a few months of receiving the required data from the Iraq Ministry of Oil.”