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Kurdistan Oil & Gas Development

A collection of threads on topics that get updated regularly :
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Thu Apr 27, 2023 12:48 am

Kurdistan oil exports resume

Iraq’s government spokesperson told Rudaw on Monday that it is only a matter of technicalities that still pose an obstacle to the resumption of the Kurdistan Region’s oil exports a month after they were halted over an arbitration ruling

The International Chamber of Commerce (ICC) arbitration court ruled last month that Turkey had violated a 1973 pipeline agreement with Iraq by allowing independent oil exports from the Kurdistan Region. Oil exports from the Region have been halted since as a result, placing pressure on its oil revenue dependent economy.

“We are talking about days [for reaching a solution], all the available information from the Iraqi oil ministry shows that these are technical procedures and the meetings will continue with the KRG’s [Kurdistan Regional Government[ oil ministry to reach solutions in a really quick fashion,” Basem al-Awadi, the spokesperson of the Iraqi government told Rudaw’s Mustafa Goran.

Awadi emphasized that the pending matters are mainly technical, adding that had the issues been between two states, it would have taken six to seven months to solve, but since it is between a regional and federal government, it will be a matter of days.

“There will be good news after Eid holidays, regarding the resumption of oil exports,” he said of the Islamic holiday which has come to an end.

In order to ameliorate the situation, Kurdistan Region Prime Minister Masrour Barzani and Iraqi Prime Minister Mohammed Shia’ al-Sudani signed a deal stipulating that the KRG would sell its oil through the Iraqi State Organization for Marketing Oil (SOMO). Exports from the Region were expected to swiftly follow.

Under the agreement, the KRG oil revenues will be deposited to an account at the Iraqi Central Bank and the Iraqi government will have the right to access audits.

Rebaz Hamlan, assistant to Prime Minister Barzani and former KRG finance minister, told Rudaw last month that the halt of independent oil exports by the KRG through Turkey is “temporary” and will only persist until a probable mutual agreement is reached between Erbil and Baghdad, emphasizing that the halt will not affect the salary distributions.

The KRG has struggled for years to pay civil servants’ salaries on time. The Region pocketed about $2.8 billion from oil sales in the second half of 2022, according to a Deloitte-audited report.

The agreement between the federal government and the KRG was welcomed by the parliamentarians who were previously against the KRG’s independent oil sales, and they stress that the financial benefits of the KRG are guaranteed in the upcoming federal budget, Mohammed Baldawi, a Shiite member of the Iraqi parliament told Rudaw.

In an interview with Al Jazeera aired earlier this month, Sudani said that the Kurdistan Region had no choice but to accept unbalanced deals back in 2014, adding that IOCs had exploited Erbil at the time, stating that Erbil and Baghdad had agreed to draft an oil and gas law under six months, admitting that the process will take longer that the originally-set deadline.

https://www.rudaw.net/english/kurdistan/25042023
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Re: Kurdistan Oil & Gas Development

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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Mon May 01, 2023 9:41 pm

Court ruling not about oil

The Kurdistan Region Finance Minister Awat Sheikh Janab on Sunday said that the ruling from The International Chamber of Commerce (ICC) in March was not related to the Kurdistan Region’s oil, but rather disagreements between Turkey and Iraq

The Paris-based ICC on March 23 ruled in favour of Iraq against Turkey regarding exports of Kurdistan Region oil through Turkey’s Ceyhan port, saying Ankara had breached a 1973 pipeline agreement that obliges the Turkish government to abide by instructions issued by Iraq regarding the transport of crude oil exported from Iraq.

The decision was followed by an immediate stoppage of Kurdish oil exports, which subsequently forced oil companies to halt their operations in the Kurdistan Region.

“The Paris court’s decision has nothing to do with the Kurdistan Region’s oil, but rather it is in regards to a legal disagreement between Iraq and Turkey,” Janab told Rudaw’s Ranj Sangawi on Sunday.

The finance minister called the ruling “a positive” for the Kurdistan Region as it has acknowledged the legitimacy of the Region’s oil industry.

While Ankara has been ordered to pay around $1.5bn in damages, Baghdad must also pay over $527 million to Turkey in reimbursement claims related to equipment and personnel as stipulated by the court ruling.

On April 4, Kurdistan Region Prime Minister Masrour Barzani and Iraqi Prime Minister Mohammed Shia' al-Sudani signed an agreement to resume the Region’s exports, but there is still no oil flowing through the pipeline to Turkey.

Not enough funds to pay April salaries

Janab said that they currently do not possess the necessary funds to pay the civil servant salaries for the month of April, adding that Baghdad is responsible for providing the Region’s salaries under the current circumstances.

“The funds we have available at the moment is not enough to pay the salaries of April,” said the finance minister, adding “According to agreements and the budget bill, whenever there is no export of oil, the responsibility [paying salaries] lies on the shoulders of the Iraqi federal government.”

Janab added that Baghdad is yet to send the Region's monthly financial entitlement of 400 billion dinars.

The Iraqi cabinet approved the payment of 400 billion dinars to the Region for the months of November and December last year. However, Iraq’s Federal Supreme Court later ruled against Baghdad's payment of the Kurdistan Region’s financial entitlements, claiming it violates the 2021 Iraqi Budget Law.

The budget has been a point of contention between Erbil and Baghdad for several years, especially after the Kurdistan Region's decision to sell its oil through Turkey, and the emergence of the Islamic State (ISIS) in Iraq in 2014.

The Iraqi Council of Ministers in mid-March approved the federal budget bill for the years 2023, 2024, and 2025, which is currently before the Iraqi parliament. The draft budget sets out $152 billion in spending for 2023, of which the Kurdistan Region takes a 12.6 percent share.

https://www.rudaw.net/english/kurdistan/30042023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Wed May 10, 2023 11:18 pm

Dana Gas profit

The UAE-based Dana Gas reported on Wednesday a profit of $50 million from the beginning of the year until April with production in the Kurdistan Region rising despite a challenging economic situation

According to a report published by the company, Dana Gas generated a net profit of $50 million from January to April, a $4 million decrease from the same period in 2022 amid a 22% drop in its realized selling hydrocarbon prices.

“Dana Gas has delivered a strong set of financial and operating results despite the downturn in energy prices. We remain financially disciplined and focused on maintaining production and lowering costs, despite the challenging economic situation in the KRI [Kurdistan Region of Iraq] and Egypt,” company CEO Patrick Allman-Ward said.

Operating costs for the company in the Kurdistan Region were reduced by 14% during the first quarter of 2023.

In the report, Dana Gas attributed the decrease in revenue to “a pullback in energy prices from high levels.”

The company also said that it is expecting the first gas to be delivered from the KM250 expansion set in Khor Mor gas field, located in Sulaimani’s Chamchamal district, by April 2024.

The natural gas produced in the Kurdistan Region is primarily used for generating electricity at three plants across the Region, but security threats have prevented the company from implementing the development project for production at a faster pace.

Khor Mor field has repeatedly come under rocket attacks, reportedly by Iran-affiliated Iraqi militia groups with a spate of attacks occurring last year.

Despite the security threats on the gas field, Dana Gas last year said they would be able to meet the Kurdistan Region’s full gas demands in about two years.

The KM250 expansion project is supported by a $250 million financing agreement for 7 years announced in September 2021 with the US International Development Finance Corporation.

https://www.rudaw.net/english/business/10052023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sat May 13, 2023 12:50 am

When will oil exports resume?

Acting Minister of Natural Resources of the Kurdistan Regional Government (KRG) on Friday denied that oil exports from the Region were to resume this weekend, adding that a response from Turkey is still pending

On Thursday evening, Iraq's Minister of Oil Hayyan Abdul Ghani said in a statement that Baghdad has asked Turkey to allow the resumption of oil exports through Ceyhan port starting from Saturday.

Kurdistan Region Electricity Minister Kamal Mohammed, acting as the Minister of Natural Resources, told Rudaw's Ranja Jamal in Barzan that he had spoken to Ghani about the reports that emerged his statement, suggesting that exports were certain to resume over the weekend.

“He [Ghani] said we are ready to start exports but we have not specified a date yet. We are waiting for the Turkish side to resume the oil exports,” Mohammed said.

Iraq’s State Oil Marketing Organization (SOMO) on Wednesday officially requested Turkey to resume exports through the pipeline. The following day, the KRG announced that an agreement with the Iraqi federal government has been finalized, adding that both sides were waiting for Ankara’s approval.

Turkey closed a key pipeline pumping oil from the Kurdistan Region to its port of Ceyhan in the Mediterranean on March 25 after a ruling by the International Chamber of Commerce (ICC).

Baghdad and Erbil signed an agreement on April 14 to resume oil exports to Ankara, but this has not been the case yet. Certain aspects of the deal are still expected to be resolved, while Turkey, currently busy with upcoming elections, is yet to agree to the terms.

The deal between the KRG and the federal government consists of joint exports between the KRG’s Ministry of Natural Resources and SOMO. The revenue from the exports will be stored in an account managed by the KRG under the observation of the federal government.

“All the contracts with the traders are ours, they will only export it through SOMO,” Mohammed responded when asked whether the KRG was represented in meetings with international oil companies (IOCs).

“It is the same contract and with the same companies, but with the prices of SOMO,” he added about expected changes to the contracts with the companies.

https://www.rudaw.net/english/business/12052023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sun Jun 18, 2023 12:58 am

London-based Gulf Keystone
Wladimir van Wilgenburg

ERBIL (Kurdistan 24) – Independent oil and gas operator Gulf Keystone said on Friday that it is encouraged by the ongoing engagement between the Kurdistan Regional Government (KRG), Iraq and Turkey

Moreover, Jon Harris, Gulf Keystone’s Chief Executive Officer, noted “while no timeline has been publicly announced, we continue to believe the suspension of exports will be temporary and that the KRG will resume more normalised payments.”

Turkey had stopped oil exports on March 25, following an arbitration ruling by the International Chamber of Commerce (ICC) in Paris.

Furthermore, the company welcomed the approval of the Iraqi federal budget by the Iraqi parliament, suggesting that it is a “step in the right direction towards formal recognition of Kurdistan production by Iraq.”

Moreover, it said the new budget “potentially paves the way for monthly budget transfers from Iraq to the Kurdistan Regional Government (“KRG”). We continue to closely monitor the situation.”

Gulf Keystone also added production from the Shaikan Field remains shut-in since March 25.

“The suspension has resulted in a gross production deferment to date of around 4.3 million barrels, or approximately 11,800 bopd on a full-year basis (2023 gross average production guidance prior to suspension: 46,000 – 52,000 bopd),” the company said.

Jon Harris, Gulf Keystone’s Chief Executive Officer, said following the stop of oil exports, the company is focusing on “reducing all costs to preserve liquidity, while maintaining safe operational readiness to quickly restart production. We are now exploring potential options to sell our crude to local buyers.”

The U.S. has continued to support the resumption of Kurdish oil exports through Turkey. However, despite these efforts, exports have stalled, leading to an Iraqi delegation planning to travel to Turkey this week to discuss outstanding disagreements regarding the oil exports.

On June 15, on behalf of the Kurdish-American Congressional Caucus, U.S. Congressmen Michael Waltz, Seth Moulton, and Don Bacon urged the U.S. government to engage at the highest level possible with the governments in Ankara and Baghdad to negotiate an immediate reopening of the Iraq-Turkey pipeline (ITP) and to resolve outstanding disagreements with the ITP Agreement.

https://www.kurdistan24.net/en/story/31 ... il-exports
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sun Jun 18, 2023 8:20 am

Russian energy companies

ERBIL (Kurdistan 24) – The recent deal between Erbil and Baghdad to resume Kurdish oil export would be welcomed if the agreement brings about a better business climate for Russian companies operating in the country, a member of the Russian senate told Kurdistan 24 on Friday

Following the arbitration case from the Paris-based International Court of Arbitration, in which Baghdad claimed victory, Turkey halted the Kurdistan Region’s 400,000 barrels per day of crude oil to a pipeline to its Ceyhan port on March 25.

Prime Ministers Masrour Barzani and Mohammed Shia’ Al-Sudani on Tuesday last week supervised the signing ceremony of several agreements to resume the export through the Iraqi oil marketing company, known as SOMO. The deal has been widely welcomed by allies and partners of Erbil and Baghdad.

“If the Erbil-Baghdad deal brings about a better environment for Russian companies, it would be warmly welcomed,” Andrey Klimov, the Deputy Chair of the Federation Council (Senate) Committee on Foreign Affairs, told Kurdistan 24.

The lawmaker said that Russian companies seek to operate abroad with maximum security and stability, adding his country has plans to enhance its relations with Baghdad.

Several Russian companies (Rosneft, Gazprom, and Lukoil) are operating in the energy sector of the Kurdistan Region and Iraq.

Despite the agreement, oil exports have yet to be resumed by Turkey. Kurdistan Region’s oil export constitutes 0.5 percent of the global supply, the loss of which had reached prices of $86 per barrel.

https://www.kurdistan24.net/en/story/31 ... 2%A0%C2%A0
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Thu Jul 13, 2023 11:54 pm

Turkey supports Kurdistan oil exports

Turkish President Recep Tayyip Erdogan on Wednesday said that the suspension of Kurdistan Region’s oil exports is because of problems between Baghdad and Erbil, and Turkey takes no issue with the exports

“We do not have an issue in receiving oil from Iraq. This issue is sourced from tensions between the federal government of Iraq and northern Iraq. My relevant friends are holding meetings in this regard,” Erdogan told Rudaw’s Zinar Shino during a press conference in Vilnius.

He said that Ankara is waiting for Baghdad and Erbil to resolve their internal matters, and then Turkey will act.

“We endorse the opening of pipelines because it is a win-win deal. Let them win and let us win too,” he added.

Turkey stopped the flow of Kurdish oil through the Iraq-Turkey pipeline after a Paris arbitration court on March 23 ruled in favor of Baghdad, saying Ankara had breached a 1973 pipeline agreement when it allowed the Kurdistan Region to begin independent oil exports in 2014.

The International Chamber of Commerce (ICC) ordered Turkey to pay a penalty of $1.5 billion in damages to Baghdad for allowing the Kurdistan Regional Government (KRG) to independently export its oil between 2014 and 2018.

There have been several meetings between Turkish, Iraqi and Kurdish officials since the court ruling, but exports are still halted. Around 400,000 barrels a day were being exported by Erbil through Ankara, in addition to some 75,000 barrels of Kirkuk oil daily through the same pipeline.

Erbil and Baghdad reached an agreement in early April to resume the exports but Turkey’s presidential elections last month delayed the process. Iraqi and Kurdish officials have cited Turkish officials saying that the delay is due to damage caused to the pipeline during February’s devastating earthquakes.

The KRG is heavily reliant on oil revenues and an inability to sell its crude has severely impacted its economy. Erbil has lost billions of dollars since the exports were halted.

Iraq passed its highly-contentious federal budget in June after months of discussions. Article 14 was among the most disputed in the bill, detailing the management of the Kurdistan Region’s oil income.

The budget law obliges the KRG to sell 400,000 barrels of crude oil through Iraq’s national oil marketing body and if the suspension continues, Iraq will take Kurdish oil for its internal use.

https://www.rudaw.net/english/kurdistan/120720232
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Mon Jul 17, 2023 2:52 am

Kurdistan / Turkey oil exports

The Kurdistan Region presidency is in constant contact with Turkey to resume oil exports, the chief of staff of the presidency told Rudaw on Friday

“There are constant contacts [with Turkey],” chief of staff Fawzi Hariri told Rudaw’s Bakhtiyar Qadir in Erbil about efforts to resume oil exports

Turkey stopped the flow of Kurdish oil through the Iraq-Turkey pipeline in March after a Paris arbitration court ruled in favor of Baghdad against Ankara for allowing the independent export of Kurdistan Region’s oil, in breach of a 1973 agreement. The halt has cost the Kurdistan Region billions of dollars.

On Wednesday, Turkish President Recep Tayyip Erdogan said that his country does not have any issue with the resumption of the Region’s oil exports and that the delay is caused by tensions between the federal government and the Kurdistan Regional Government (KRG). He said that Ankara is waiting for Baghdad and Erbil to resolve their internal matters, and then Turkey will act.

Erbil and Baghdad reached an agreement in early April to resume the exports but Turkey’s presidential elections in May delayed the process. Iraqi and Kurdish officials have cited Turkish officials saying that damage caused to the pipeline during February’s devastating earthquakes has also caused a delay.

Kurdistan Region parliamentary elections

Hariri also commented on Kurdistan Region’s delayed parliamentary elections.

The presidency this week asked Iraq’s electoral commission to supervise the Region’s parliamentary elections and hold the vote this year, suggesting it could be scheduled in November or simultaneously with Iraqi provincial elections a month later.

Hariri said that they have been holding meetings and discussions with the electoral body and UN representatives about when the vote can be held.

“We are expecting to receive a reply next week… to know whether they can fulfill our request,” Hariri said.

He noted that they are under time pressure since the electoral commission is coming to the end of its term. “It is worth noting that on January 7, 2024, the commission’s term ends,” Hariri said. After that date the Iraqi parliament will need to elect a new commission and this will add further complications.

Iraq’s electoral commission was asked to oversee the Kurdistan region’s parliamentary elections after a federal court ruled in May that the Region’s parliament’s decision to extend its term by another year and delay elections was unconstitutional. Because of that ruling, all decisions and laws issued by the Kurdish parliament after its legal deadline had passed were voided, including a controversial vote to reactivate the regional electoral body.

The delay in the parliament was caused by disagreement between the political parties in the Region over the electoral law, seats reserved for minorities, and the reactivation of the Kurdistan Region’s Independent High Electoral Commission.

In March, prior to the federal court ruling, Kurdistan Region President Nechirvan Barzani set November 18, 2023, for parliamentary elections, a year after they were due to be held.

Iraq’s electoral commission is currently tasked with preparing for the provincial elections to be held on December 18, and the head of the commission has said that it would not be able to hold the Kurdish parliamentary elections at the same time.

https://www.rudaw.net/english/kurdistan/14072023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Mon Jul 24, 2023 8:24 pm

50-60K barrels of oil to Baghdad

ERBIL (Kurdistan 24) – The Kurdistan Region has handed over about 50,000-60,000 barrels of oil on a daily basis to Baghdad since mid-June, as part of efforts to fulfill its obligations under the new budget law with the federal Iraqi government, a top Kurdish official said on Sunday

A Kurdistan Regional Government (KRG) delegation has recently visited Baghdad to continue talks on budget implementation and paying the salaries of the Region’s public employees. Another delegation is set to visit the Iraqi capital again for that purpose.

The government has fulfilled its obligation under the budget deal with Baghdad, including handing over the oil, whose export has been halted since March 25 after Baghdad claimed victory over Turkey at an arbitration court in Paris, KRG President of Diwan Omed Sabah, told Kurdistan 24 in an interview on Sunday.

“We have handed over 50,000-60,000 barrels of oil since mid-June” to the federal government, Sabah said, adding the handover had been officially set in the latest meeting with the Ministry of Oil.

Per the budget deal, the Iraqi oil marketing company, known as SOMO, would be in charge of selling the Kurdish oil following years of independent exports by the KRG.

Prior to the stoppage, the Kurdistan Region was exporting over 400,000 barrels of oil per day through a pipeline to Turkey’s Ceyhan port.

The management of oil and gas has been a contentious issue between Erbil and Baghdad for over a decade.

Iraq passed its three-year budget bill in June, considered to be one of the country’s budgets.

The state expenditures are set at 198.91 trillion Iraqi dinars ($153 billion) with a deficit of more than 64 trillion dinars (over $48 billion).

The Kurdistan Region’s share in the federal budget is set at 12.67 percent, amounting to more than $12 billion annually.

The management of oil and gas has been among the thorny issues between Erbil and Baghdad for over a decade, leading to the suspension of the Region’s share in previous federal budgets.

https://www.kurdistan24.net/en/story/32 ... s-official
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Thu Aug 03, 2023 12:23 am

Halt in Kurdish oil exports

The halt in the Kurdistan Region's oil exports through Turkey significantly reduced the oil sales of Genel Energy, the company said in its six month results published on Wednesday

“The closure of the Iraq-Turkiye pipeline on 25 March 2023 has resulted in minimal sales and no payments from the KRG [Kurdistan Regional Government] since that date,” Paul Weir, Chief Executive of Genel Energy said in its unaudited report for results until June 30.

According to the report, the closure of the Iraq-Turkey pipeline significantly impacted oil production, as the company averaged 13,440 bpd (barrels per day), a clear reduction compared with the first half of the previous year when it averaged 30,420 bpd.

“Two payments totaling $61 million were received from the Kurdistan Regional Government (KRG), in the period, with $110 million now overdue” the report added.

Turkey stopped the flow of Kurdish oil through the Iraq-Turkey pipeline after a Paris arbitration court ruling on March 23 ruled in favor of Baghdad against Ankara, saying the latter had breached a 1973 pipeline agreement and allowed the Kurdistan Region to begin independent oil exports in 2014.

The International Chamber of Commerce (ICC) ordered Turkey to pay a penalty of $1.4 billion in damages to Baghdad for allowing the KRG to independently export its oil between 2014 and 2018.

Around 400,000 bpd of oil were being exported by Erbil through Ankara, in addition to some 75,000 barrels of Kirkuk oil daily through the same pipeline.

The oil company said that the approval of Iraq’s federal budget in June put a framework in place for the restart of payments and exports, and incorporating production from Kurdistan Region was “an important step”, adding that they await positive outcomes from discussions between Iraq and Turkey regarding the commercial and political arrangements to enable the resumption.

Erbil and Baghdad reached an agreement in early April to resume the exports but Turkey but these are yet to take place.

In July, Turkish President Recep Tayyip Erdogan said in a press conference that the suspension of the Kurdistan Region’s oil exports was a result of problems between the federal government and the KRG and that Ankara had no issues with receiving the oil. Days later, Iraq’s oil ministry responded to the Turkish president’s claims saying that Erbil and Baghdad are on the same page regarding the resumption of exports.

https://www.rudaw.net/english/business/02082023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sun Aug 06, 2023 10:06 pm

$32 Million software grant

ERBIL (Kurdistan 24) – The University of Kurdistan Hewlêr (UKH)’s Petroleum Engineering Programme has successfully secured a grant of $32 million worth of Landmark software from the US oil services giant Halliburton

    UKH is proud to announce securing a significant grant worth $32 Million for Landmark Software from #US oil and gas service company Halliburton.

    The grant enables UKH students and faculty of Petroleum Engineering programme access to Landmark software which includes upstream and… pic.twitter.com/uuTumNnstw
    — University of Kurdistan Hewlêr (@UKH_official) August 6, 2023
“This grant is a significant milestone that will play a pivotal role in further developing the UKH Petroleum programme. We are the only University in the Kurdistan Region to have access to this powerful software, and its potential for enhancing our teaching and research experiences cannot be overstated,” the UKH said in a press release.

“It is vitally important for our students to be prepared for the market. It is important for our students to be exposed to the cutting-edge technology available” said UKH President Prof. Dr. Keith Sharp in his opening remarks at the ceremony. “This software helps our students to be aware of the latest developments in the oil and gas industry and it is a remarkable achievement for UKH,” he continued.

During the signing ceremony on Sunday, Karim Ehab El Banna, the area manager at Halliburton in the Kurdistan Region told Kurdistan 24, “this program is one of Halliburton's state of art software. This is provided to the university to grow [its]understanding of oil and gas as they study. Once [UKH students] leave the university they will have a better understanding of what's happening in oil and gas through our software.”

On its website, Halliburton boasts that its Landmark software "provides E&P (Exploration and Production) professionals with software-driven lifecycle insights that generate new ideas, actions, and results to maximize asset value." The company further claims it provides "an open architecture built from the ground up, which provides choice and flexibility."

UKH Vice President Dr. Dana Mawlood told Kurdistan 24 that the software program will help UKH students to get a job in the future.

“We expect our graduates, fully trained with this program, will find it very easy to get a job in the market. This distinction will set us apart from other institutes not only in Kurdistan, Iraq but also across the entirety of Iraq.”

“The petroleum program spans from upstream to downstream, encompassing numerous elements such as drilling, trading, and the underlying economic aspects. This comprehensive package is embedded within the software program,” Dr. Mawlood added.

Established in 2006, UKH is an English-speaking university situated in Erbil. Presently, the institution boasts an enrollment of more than 1,190 students.

The university offers a diverse range of courses encompassing business and management, political studies, computer science and engineering, as well as natural resource engineering.

https://www.kurdistan24.net/en/story/32 ... ware-grant
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Wed Aug 09, 2023 11:57 am

Dana Gas says production growing

The UAE-based Dana Gas on Wednesday reported that its production rate in the Kurdistan Region experienced a six percent growth amid a declining profitability for the company in the first half of 2023

According to the report, Dana Gas saw a decline in profitability during the first six months of the year, generating a net profit of $83 million compared to $111 million last year the same period last year, citing declining Brent prices and discounts on condensate sales in the Kurdistan Region as reasoning for the drop in profits.

The decline in profitability was also due to additional discounts on condensate sales in the KRI [Kurdistan region of Iraq], where the Company began to sell to third party local buyers as other companies shut down production in the Kurdistan region of Iraq,” read the report.

The company increased its production rate in the Kurdistan Region by 1,900 oil barrels per day in the first half of 2023 compared to the first half of 2022, while at the same time reducing operation costs by 15 percent.

The report added that Pearl Petroleum, a 5-company consortium consisting of Dana Gas and Crescent Petroleum in the Middle East and three European energy firms, recently received $101 million from the Kurdistan Regional Government (KRG) to settle outstanding receivables, adding that the amount the Region owes now stands at $97 million.

The consortium continues its work in the Region and has now completed the drilling of six wells in the KM250 expansion project set in Khor Mor gas field, located in Sulaimani’s Chamchamal district.

Khor Mor field has repeatedly come under rocket attacks, reportedly by Iran-affiliated Iraqi militia groups with a spate of attacks occurring last year.

Despite the security threats on the gas field, Dana Gas last year said they would be able to meet the Kurdistan Region’s full gas demands in about two years.

The KM250 expansion project is supported by a $250 million financing agreement for 7 years announced in September 2021 with the US International Development Finance Corporation.

https://www.rudaw.net/english/business/09082023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Fri Aug 11, 2023 9:56 pm

Oil companies split
By Wladimir van Wilgenburg

ERBIL (Kurdistan 24) – International oil companies operating in the Kurdistan Region are divided if Kurdish oil exports will resume to Turkey

Ankara halted the 450,000 barrels per day of Kurdish export on March 25 at the request of Baghdad after the Paris-based International Court of Arbitration of the ICC ruled that Turkey had violated an aspect of the 1973 pipeline agreement, awarding Iraq $1.5bn for the damages it had endured as the result of the breach.

Up until now, discussions involving the Kurdistan Regional Government (KRG), Turkey, and Iraq have yielded no outcomes.

The US energy company HKN Energy Ltd. (HKN) on Aug. 7 said it “has little confidence that the ITP (Iraq-Turkey Pipeline) will open soon.”

“If and when the ITP opens, it is unclear whether the KRG could provide commercial assurances to oil producers sufficient to achieve a production level of at least 400k bopd; the impact to KRG monthly transfers from the GOI (Government of Iraq) is unclear if the KRG fails to deliver the minimum volume commitment,” the HKN said.

However, the UK oil company Gulf Keystone Petroleum Limited in an update on Aug. 9 sounded more positive.

“While no official timeline has been announced, we continue to believe the suspension of Kurdistan crude exports will be temporary and that the KRG will resume oil sales payments in due course,” Jon Harris, Gulf Keystone’s Chief Executive Officer, said.

Dana Gas PJSC, based in the United Arab Emirates (UAE), in a statement on Aug. 9, said that the Company began to sell to third party local buyers as other companies shut down production in the Kurdistan region of Iraq, but did not comment on the possibility of resuming oil exports.

Furthermore, the Canadian ShaMaran Petroleum Corp said on Aug. 9 that the recent passage of the Iraq federal budget for 2023-2025, “including a production commitment from the Kurdistan Regional Government (“KRG”), should enable regular monthly budget transfers from Iraq to the KRG, as well as normalization of relations between the region and the Federal Government of Iraq.”

“The continued closure of the Iraq-Turkey pipeline and delayed payments for past oil sales materially impacted all Kurdistan oil producers during the second quarter of 2023,” Garrett Soden, President and CEO of ShaMaran, said.

“Discussions are ongoing between Ankara, Baghdad and Erbil to find a political solution. We believe the various governments should be aligned to reopen the pipeline and to resolve the outstanding payment issues with international oil companies.”

The Association of the Petroleum Industry of Kurdistan (APIKUR) in July called for a speedy reopening of the Iraq-Turkey pipeline for oil exports four months after the closure of the pipeline in March.

“To date, APIKUR member companies, which include DNO, Genel Energy, Gulf Keystone Petroleum, HKN Energy and ShaMaran Petroleum, have reduced spending plans in the region by some $400 million in 2023, with 2024 spending plans under review,” the Association said.

Recently, a KRG delegation held preliminary talks concerning the Oil and Gas Federal Law in Baghdad. Until now Baghdad uses a law from the previous Iraqi regime, due to the failure of the Iraqi parliament to pass a draft oil law in 2007.

"This potential legislation seeks a collaborative approach between the federal government, the KRG, and the oil-producing governorates, ensuring alignment with the hydrocarbon-related provisions of the Iraqi constitution," the KRG earlier said.

https://www.kurdistan24.net/en/story/32 ... il-exports
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Mon Aug 14, 2023 1:51 am

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Oil Firms Seek Profit-Sharing

The Association of the Petroleum Industry of Kurdistan (APIKUR) has appealed to the authorities in Baghdad and Erbil to swiftly finalize negotiations in order to uphold the legitimate contractual rights of international oil companies (IOCs)

“It is essential to the future of the industry in these regions, and the many jobs it supports, that the outcome of the negotiations include the cost recovery and profit to which the IOCs are entitled under existing Production Sharing Contracts (PSCs),” APIKUR said in a statement.

“The PSC model used in the Kurdistan Region has a competitive investment structure that is widely used in petroleum provinces around the world. Under the Kurdistan Region PSCs, the IOCs take all the financial risk and, in the case of success, the Kurdistan Region keeps the majority share of the reward,” adding that “the success of the PSC model for Kurdistan is clear.”

APIKUR also highlighted the achievements of the PSC model in Kurdistan, which has significantly contributed to the region's oil sector. This sector has grown from near insignificance 15 years ago to currently producing approximately 250,000 barrels of oil per day.

The organization emphasized that IOCs should have the assurance of their contractual rights to recover costs and receive profits from successful projects. This legal framework is governed by English law, with international arbitration at the London Court of International Arbitration serving as the dispute resolution mechanism.

APIKUR underlined the significance of the Kurdistan Region's oil and gas sector, which has become a cornerstone of its economy. The sector not only directly provides high-quality employment opportunities through IOCs but also indirectly through service companies, contractors, and local communities.

APIKUR acknowledged the challenges faced during this journey to success, noting the substantial investments made by IOCs in exploratory projects, even those that proved non-commercial, with no expense or risk to the Kurdistan Region.

With the Federal Iraq's new budget mandating the Kurdistan Region to produce and deliver 400,000 barrels of oil per day, the Region's reliance on IOC-operated fields becomes evident. These fields play a pivotal role in achieving the required oil production.

Turkey's cessation of 450,000 barrels per day of Kurdish oil exports on March 25, at the request of Baghdad, stemmed from an ICC ruling that Turkey breached an aspect of the 1973 pipeline agreement between the two countries.

APIKUR, established in 2023 by international upstream oil and gas companies operating in the Kurdistan Region, has been actively working to promote the region's attractiveness for international oil and gas companies, investors, and service providers.

https://www.basnews.com/en/babat/819601
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Fri Aug 25, 2023 12:14 am

Resuming KRG Oil Exports

Kurdistan Region PM Masrour Barzani on Thursday received Turkish Minister of Energy and Natural Resources Alparslan Bayraktar, discussing the importance of resuming the Region’s oil through the Ceyhan pipeline

The Turkish minister arrived in Erbil on Thursday morning, hours after his country’s Foreign Minister Hakan Fidan landed in the Kurdish capital. The two officials held a chain of meetings with top Kurdish leaders to discuss a variety of topics.

“A fruitful exchange today with Türkiye Energy Minister @aBayraktar1 in Erbil. We agreed on the importance of resuming oil exports from the Kurdistan Region through Ceyhan,” PM Barzani wrote on platform X.

“We also discussed additional ways to increase bilateral trade with Türkiye, including energy cooperation,” the Prime Minster added.

Earlier in the day, PM Barzani hosted Minister Fidan to underscore the strong bilateral ties between Erbil and Ankara. In a joint press conference, the Kurdish leader reiterated his government's commitment to preventing Kurdistan from being used as a base for endangering the safety and stability of neighboring countries or any other nations.

He hoped for a swift resolution to the ongoing suspension of the Region's crude oil exports, emphasizing the urgent necessity of finding a solution in accordance with the Iraqi constitution, which grants the Kurdistan Region the authority to manage its own natural resources.

https://www.basnews.com/en/babat/821170
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