French oil major Total said it had discovered "significant" oil and gas reserves in the Kurdistan region of Iraq, where it owns a 35 percent stake in an exploration project with Marathon oil and the regional government.


"The discovery is very encouraging and demonstrates that our strategy to grow in this very prospective region is on the right track," Total executive Arnaud Breuillac said in a statement.
Three tests were carried out on the wells and they were found to have flow rates between 3,200 and 3,900 barrels per day, while other tests established the presence of gas with flow rates of 20 to 30 millions cubic feet of gas per day.