The exploration blocks are located northeast of the Erbil city and cover a combined area of 670 square miles.
Hess holds a 64% participating interest and 80% paying interest in the blocks, and is the operator.
According to the company, each PSC has an initial three-year exploration period in which the joint venture intends to acquire 2D seismic and drill at least one exploration well.
Hess president of worldwide exploration and production Greg Hill said this expansion into Kurdistan is a good strategic fit for the company’s global portfolio and offers a material opportunity to grow its reserves and production.
