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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 » Sat Sep 02, 2023 1:33 am

Over $3bn loss

ERBIL (Kurdistan 24) – The ongoing halt of the Kurdistan Region’s oil export since late March has resulted in a more than $3 billion loss, a senior Kurdish diplomat told Kurdistan 24 on Monday, as the oil flow stoppage continues

The Kurdish oil export through Turkey’s Ceyhan port has been staunched since March 25 at Baghdad’s request after Iraq claimed it had won a case against Ankara at the International Court of Arbitration in France regarding the export.

Turkish, Iraqi, and Kurdistan Region officials have since been in negotiations to resume the oil flow, on which the Kurdish region’s economy had heavily dependent to function economically. The efforts have not resulted in resumption yet despite intensive talks.

The Kurdistan Region “has lost more than $3 billion” as a result of the stoppage, Safeen Dizayee, the head of the Kurdistan Regional Government (KRG) Department of Foreign Relations, told Kurdistan 24 in Washington, DC, where he is on an official week-long visit.

Prior to the halt, the Kurdish region was independently exporting 450,000 barrels of oil per day through the pipeline, which was also sending another 100,000 barrels of Iraqi oil from Kirkuk Province.

In order for the Kurdistan Region to receive a 12.6 percent share of Iraq’s budget annually, it has to sell 400,000 barrels of oil per day via the Iraqi oil-marketing company, known as SOMO, per the country’s budget law.

The further the delay persists, the bigger the losses will be, Dizayee explained.

Iraqi and Kurdistan Region officials have finished the technical preparations to an extent to resume the export, but Turkey’s concerns regarding Baghdad’s remaining lawsuits against Ankara on the Kurdish oil export might be a reason for the ongoing halt.

Turkey aims to make sure that the legal challenges will be dropped and “turn a new page” with Iraq, Dizayee said.

As part of his visit to the country, Dizayee on Monday supervised the handover ceremony of the KRG Representative to the US, as Treefa Aziz was inaugurated in the role, which was held by Bayan Sami Abdul Rahman for eight years.

Ms. Abdul Rahman will return to the capital Erbil, where she will be a senior advisor on foreign relations and climate change for Prime Minister Masrour Barzani.

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

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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sun Sep 10, 2023 10:18 pm

Resumption of KRG Oil Exports

The Iraqi Oil Ministry has clarified that the matter of oil exports from the Kurdistan Region now lies in the hands of Turkey, emphasizing that it is not the responsibility of either the Kurdistan Regional Government or the federal government

Assem Jihad, spokesperson for the Iraqi Oil Ministry, told Kurdistan 24 that the suspension of oil exports from the Kurdistan Region to the port of Ceyhan has had a detrimental impact on Iraq's overall oil exports, affecting all parties involved.

He expressed hope for a swift resolution and the resumption of exports.
Jihad explained that a solution could be achieved by resuming oil exports from the Kurdistan Region, saying that “now the ball is in Turkey's court”.

In March of this year, a French arbitration court ruled in favor of Baghdad in a case against Ankara, stating that Turkey had violated a 1973 joint pipeline agreement with Iraq by transporting oil from Erbil through its Ceyhan port. The ruling mandated Turkey to pay $1.5 billion in damages to Iraq.

However, a recent media report revealed that the Turkish government has requested $950 million in damages from the federal government of Iraq following a separate oil dispute case settled by a France-based arbitration court. Turkey's argument in the US District Court for the District of Columbia is centered on an initial arbitration ruling that granted Iraq a net sum of $1.4 billion.

The International Chamber of Commerce (ICC) awarded Iraq $1.9 billion, while Turkey was granted over $500 million due to its counterclaims related to pipeline capacity issues and unpaid transportation fees dating back to the 1990s. Interest rates on these awards remain pending.

https://www.basnews.com/en/babat/822879
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Fri Sep 15, 2023 9:29 pm

Oil Pipeline Ready

Turkey's Ceyhan Port is soon to resume taking Kurdistan Region's crude exports after maintenance work on Kurdistan-Turkey pipeline was recently completed following February's deadly earthquakes, according to the Turkish official

"Iraq's northern oil export route through Turkey will soon be ready to resume operation after checks on pipeline maintenance and repairs to flood damage. A survey of the oil pipeline is complete and it will soon be "technically" ready for operation," Reuters reported on Friday, citing remarks from Turkish Energy Minister Alparslan Bayraktar.

In a news briefing on Thursday, Minister Bayraktar had said: "As of today, the independent surveyor completed their survey and now they're preparing their report.... But the pipeline will be operational technically. It is more or less ready and we will start the operation soon."

On March 25th of this year, Turkey suspended the oil export route from the Kurdistan Region due to an arbitration ruling from the France-based International Chamber of Commerce (ICC). The court ruled that Ankara had to compensate Baghdad for unauthorized oil exports from the Kurdistan Region between 2014 and 2018.

Before the court ruling, Erbil was exporting approximately 450,000 barrels of oil daily, constituting 0.5 percent of the world's oil production. The suspension of these oil exports led to a notable increase in global oil prices subsequently. Following the court's decision, oil companies operating in the Kurdistan Region either stopped production or reduced output, directing the oil to storage tanks instead.

https://www.basnews.com/en/babat/823520
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Fri Sep 22, 2023 11:55 pm

Urgency of Resuming KRG Oil Exports

The White House has in a press release stressed the growing need to expedite resumption of Kurdistan Region's crude exports, which accounted for the bulk of revenues in the Region in the past

"Hochstein and McGurk also welcomed recent agreements between the Government of Iraq and the Kurdistan Regional Government regarding monthly budget allocations, and emphasized the urgency of reopening the Iraq-Turkiye Pipeline as soon as possible," a White House press release on Thursday said of the meeting of Deputy Assistant to the President and White House Coordinator for the Middle East and North Africa Brett McGurk and Deputy Assistant and Senior Advisor to the President for Energy and Investment Amos Hochstein with Iraq's Prime Minister Mohammed Shia' al-Sudani yesterday.

In an interview with Bloomberg News Channel in New York city on Thursday, Sudani touched on the issue of halted oil flows from Erbil, saying: "We are awaiting actions from the Turkish side to resume exports through the Turkish pipeline, including oil produced in the Kurdistan Region of Iraq. This aligns with our overall state policy."

Last week, Turkish Energy Minister Alparslan Bayraktar too announced that following the completion of maintenance work on the Kurdistan-Turkey pipeline, Turkey's Ceyhan Port is preparing to once again receive crude oil exports from the Kurdistan Region in the near future.

This year, on March 25th, Turkey halted the oil export route from the Kurdistan Region in response to an arbitration ruling issued by the France-based International Chamber of Commerce (ICC). This ruling mandated that Ankara compensate Baghdad for "unauthorized oil exports" from the Kurdistan Region spanning from 2014 to 2018.

Prior to the court's verdict, Erbil was exporting around 450,000 barrels of oil per day, contributing to 0.5 percent of the world's oil production. The suspension of these oil exports resulted in an upswing in global oil prices. Subsequently, following the court's ruling, oil companies operating in the Kurdistan Region either ceased production or reduced their output, diverting the oil to storage tanks instead.

https://www.basnews.com/en/babat/824355
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Mon Oct 02, 2023 5:26 pm

Pipeline Ready for KRG Oil

Turkish Minister of Energy and Natural Resources Alparslan Bayraktar announced on Monday that the Ceyhan pipeline is fully operational and prepared to transport the Kurdistan Region’s oil immediately

The Turkish minister also pointed out that they will begin preparations this week to resume oil exports from the Kurdistan Regional Government (KRG) through the Ceyhan port.

Bayraktar emphasized the historical significance of the Ceyhan pipeline, highlighting that it has facilitated the daily export of approximately half a million barrels of oil through the Ceyhan port for over four decades, as reported by state media.

He further elaborated on the timeline for resuming operations, noting, "Work on the pipeline will resume this week, and after exports are reinstated, half a million barrels of oil will be shipped daily via the Iraqi-Turkish oil pipeline to global markets."

The interruption of oil exports from the Kurdistan Region occurred following a decision by the International Court of Arbitration in Paris on March 25, 2023. This suspension of exports to the Jayhan port has had a detrimental impact on Iraq and the Kurdistan Region's budgets and infrastructure, contributing to a nearly half-million-barrel reduction in the global energy market.

In response to these developments, the United States has recently issued multiple appeals for the resumption of oil exports from the Kurdistan Region. They have encouraged all relevant parties to engage in constructive dialogue to resolve disputes and restore this crucial aspect of the energy market.

https://www.basnews.com/en/babat/825441
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Wed Oct 04, 2023 9:58 pm

Resumption of Kurdistan oil

ERBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani on Wednesday received David Burger, Deputy Chief of Mission at the Embassy of the United States in Baghdad, according to a statement from the Kurdistan Regional Government (KRG)

In the meeting, the latest developments in Iraq were discussed, as well as the importance of ensuring the Kurdistan Region's constitutional rights and its financial entitlements.

Both sides agreed that oil exports from the Kurdistan Region through the Turkish Ceyhan port should be resumed as soon as possible.

The importance of holding the Kurdistan parliamentary elections on the schedule was also discussed at the meeting.

The US diplomat praised the peaceful coexistence between the different components in the Kurdistan Region and thanked the KRG for its assistance to the victims of the Hamdaniya fire.

The export was halted on March 25 at the request of Baghdad after Iraq claimed victory against Turkey at the International Arbitration Court in Paris, which awarded the Iraqi side $1.4 billion in compensation.

Turkish, Iraqi, and Kurdistan Region officials have since been in negotiations to resume the oil flow, on which the Kurdish region’s economy had heavily depended upon to function economically. The efforts have not resulted in a resumption yet despite intensive talks.

The halted export has resulted in a nearly $6 billion loss since late March, according to the KRG.

Prior to the halt, the Kurdish region was independently exporting 450,000 barrels of oil per day through the pipeline, which was also sending another 100,000 barrels of Iraqi oil from Kirkuk Province.

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

PostAuthor: Anthea » Tue Oct 10, 2023 10:33 am

Kurdistan has great capabilities

Kurdistan is capable of increasing its gas production to a level that allows it to compete on global markets, said its deputy natural resources minister, urging for a clear model to invest into the gas sector

“Kurdistan has great capabilities to increase gas production and in turn increase the production of electricity,” Kurdistan Regional Government (KRG) Deputy Minister of Natural Resources Ahmed Mufti said during the the Middle East Research Institute (MERI) 2023 forum in Erbil, adding that 85 to 90 percent of the Region’s electricity comes from gas.

    MERI is holding a two-day forum in Kurdistan’s capital city of Erbil starting on Wednesday, hosting tens of politicians and leaders from the Region and Iraq
Mufti said that Kurdistan’s capabilities can, in the future, be developed to an extent where “60 percent” of Iraq’s gas is produced in the Region.

“If all the gas fields in Kurdistan are developed and invested in, it will be able to produce 5 billion cubic feet of gas,” he said.

“We can easily develop our production to compete with world markets,” the deputy minister stressed.

The natural gas produced in Kurdistan is primarily used to generate electricity at three plants across the Region but security threats have prevented companies from implementing their development projects at a faster pace.

A major study of the prospect of the natural gas production in Kurdistan/ backed by the US Department of Energy found that with the right level of investment, the Region, which currently produces around 5 BCM per year, could exploit its resources further and provide 10 BCM to Iraq proper in the coming years and 10 BCM to Turkey by 2026 when the Iran-Turkey natural gas contract expires.

Dana Gas is currently implementing an expansion project known as KM250 which is expected to increase the production to 700 MMscf/d by April 2023. The project is supported by a 7-year $250 million financing agreement announced in September 2021 in conjunction with the U.S. International Development Finance Corporation.

Mufti also stressed the importance of addressing gas flaring in both the Region and in Iraq due to its negative impact on the environment.

Gas flaring is the process of burning excess gas produced by oil wells that is not captured or used, and a practice that Iraq is notorious for, the country being second only to Russia in terms of the amount of gas burned off.

Iraq also suffers from chronic electricity shortages, felt especially when summer temperatures reach scorching levels of over 50 degrees Celsius. The high temperatures subsequently lead citizens to consume very high amounts of power.

The KRG failed to meet its own gas flaring directive deadline, which was set for earlier this year, as the progress was slowed by late payments to international oil companies (IOCs) working in the Region and the onset of the coronavirus pandemic.

“Sudani’s cabinet said that they plan to plant five million trees, but if you truly want to make a change, go and tackle gas flaring, which will have a much more significant positive impact on the environment,” Mufti stressed, referring to the government of Iraqi Prime Minister Mohammed Shia’ al-Sudani.

“In this government, the prime minister has stressed that gas flaring needs to be completely eliminated,” said Falah Al-Amiri, advisor to the Iraqi prime minister, said in response.

https://www.rudaw.net/english/kurdistan/10102023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sat Oct 14, 2023 6:53 pm

Readiness to Restart Kurdistan Oil

The Turkish government has officially notified the federal government of Iraq, confirming the operational readiness of its pipeline, thereby leaving it up to Iraq when to give the go-ahead for the resumption of crude flows from the Kurdistan Region


"We would like to inform you that the part of the ITP [Iraq-Turkey Pipeline] system in Turkish territory will be ready for the transportation, storage and loading of crude oil coming from Iraq on 04.10.2023," Turkey's state pipeline company BOTAS wrote to Iraq’s state oil marketing company SOMO on October 2nd, as reported by Iraq Oil Report this week.

Turkey discontinued the oil export route from the Kurdistan Region on March 25th this year in response to an International Chamber of Commerce arbitration ruling from France. The verdict required Ankara to compensate Baghdad for "unauthorized oil exports" from the Kurdistan Region between 2014 and 2018.

Prior to the verdict, Erbil was exporting about 450,000 barrels of oil per day, contributing to around 0.5 percent of the global oil production. The suspension of these exports affected global oil prices, prompting some companies in the Kurdistan Region to halt or reduce production and store oil instead.

https://www.basnews.com/en/babat/826832
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Fri Nov 03, 2023 11:17 pm

Iraq to blame oil exports delay

Kurdistan President Nechirvan Barzani on Friday said Baghdad’s failure to pay suitable fees to oil producers is one of the main obstacles to resuming oil exports through Turkey

“Now Baghdad is really the issue because Turkey has announced that it is ready and willing to accept” resuming exports, Barzani told Rudaw’s Alla Shally during a press conference in Paris on Friday.

Export of Kurdistan Region’s oil through the Iraq-Turkey pipeline has been halted since March 23 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying Turkey had breached a 1973 agreement by allowing Erbil to begin independent oil exports in 2014.

Erbil and Baghdad have had multiple rounds of talks about resuming the exports and Barzani said there are still “some measures” that they need to agree on, including contracts the Kurdistan Regional Government (KRG) has signed with oil companies.

He said that Iraq treats oil companies operating in federally-controlled areas as service providers while the KRG treats them as “partners.”

“For example, in the budget law, they [Iraq] have set the [production] fee per oil barrel from the Kurdistan Region at six dollars, which is very low. This has to be increased because they have set the fee [for their oil companies] at a higher amount,” he said.

The Association of the Petroleum Industry of Kurdistan (APIKUR) said last month that Baghdad and Erbil have lost seven billion dollars since March due to the export halt. Safeen Dizayee, head of the KRG’s Department of Foreign Relations, said in September the loss was $6 billion.

Barzani said on Friday that the halt has cost Iraq five billion dollars.

“This has caused loss to all Iraq, not only the Kurdistan Region,” he said.

Control over oil exports and revenues has long been a source of friction between Erbil and Baghdad. Barzani said the problem now is technical rather than political.

“This technical issue should be resolved with Baghdad. To this point, I cannot say the issue, Baghdad’s prevention of the flow of oil, is political. I believe that the issue is a technical one and it requires us to find a suitable solution for it between the Kurdistan Region and Baghdad,” he said.

Prior to the halt, about 400,000 barrels of oil were being exported daily by Erbil through the pipeline that runs to the Turkish port of Ceyhan, in addition to some 75,000 barrels from Kirkuk oil fields controlled by the Iraqi government.

According to the highly-contentious Iraqi federal budget passed in June, the KRG is obliged to sell 400,000 barrels of crude oil through Iraq’s national oil marketing body, alternatively Baghdad would use Kurdish oil domestically.

The loss in oil revenues has worsened the financial situation and left the KRG unable to pay its public sector without assistance from Baghdad. The two governments, however, cannot agree on the Kurdistan Region’s financial entitlements.

Barzani said that they have acted “transparently” with Baghdad in this regard. “All data has been discussed with Baghdad in a well-organized way. Baghdad has no excuses not to send the salaries of the civil servants of the Kurdistan Region.”

“We have been committed to all agreements and the Kurdistan Region expects Baghdad to resolve this issue as soon as possible,” he said, adding that the fate of the Region’s salaries should no longer be the subject of news for media outlets.

Federal employees are now receiving their salaries for November, but the KRG has said it will hand out August salaries next week.

Meeting with Macron

President Barzani is in Paris. He arrived on Thursday and was welcomed by French President Emmanuel Macron at Elysee Palace on Friday.

“I had a good meeting with President Macron. We discussed a number of issues, including bolstering the relations of Iraq and the Kurdistan Region with France,” Barzani told reporters.

“As you know, France has a strategic agreement with Iraq. During this meeting, we reiterated that both sides should be committed to it as soon as possible,” he added. “France has had a significant role. France has been a main supporter of Iraq politically and militarily and during the fight against ISIS [Islamic State].”

“We also talked about Erbil-Baghdad ties during the meeting, and we emphasized that the ongoing issues should be resolved through dialogue,” Barzani noted.

The two leaders “engaged in a comprehensive dialogue, covering the political, security, and economic situation in Iraq, as well as the latest developments in the region. They underscored the necessity of strengthening the ties between France and both Iraq and the Kurdistan Region, in line with the strategic agreement between Iraq and France,” according to a statement from the Kurdistan Region Presidency.

The close relationship between Kurds and France goes back to the 1980s. Danielle Mitterrand, first lady of France from 1981 to 1995, advocated for Kurds suffering under the regime of Saddam Hussein and was instrumental in securing the no-fly zone that allowed the Kurdistan Region to develop its current autonomy. She was affectionately known as the “Mother of Kurds” and inaugurated the first Kurdish parliament in 1992.

France was one of the first countries to open a consulate in the Kurdish capital of Erbil after the fall of Saddam Hussein’s regime in 2003 and played a critical role in helping Kurds both in Iraq and in Syria in the war against ISIS.

When Kurds in the Kurdistan Region held an independence referendum in 2017, Baghdad imposed a flight ban on the Region for months. A historic visit by Barzani, then prime minister of the KRG, to France helped reconnect the Kurdistan Region to the world.

Hamas-Israel war

President Barzani said that the Hamas-Israel conflict has an impact on the whole region, adding that he and Macron agreed that humanitarian aid should be sent to Gaza as soon as possible. “We believe that those people who have been held captive by Hamas should be released,” he added.

According to the Palestinian health ministry, over 9,000 people have been killed in Gaza by Israeli airstrikes since the start of the war on October 7 following an attack by Hamas on Israel. There are fears that the tensions could spill over to other parts of the Middle East.

Barzani said that preparations should be made to find a “strategic solution” to the Palestine-Israel issue.

“We believe that the right solution is the creation of two states. This is a strategic solution that we believe is the only solution as everyone has understood that war does not resolve the issue which has existed for a long time,” he stated.

The two-state solution is a proposal that has been discussed for decades and has gained renewed traction since the start of the latest war, with Western leaders calling for its implementation.

Asked if the Hamas-Israel tensions will have a negative impact on the status of the Kurdistan Region, Barzani replied, “There is no threat on the status of Kurdistan as an entity.”

A pro-Iran group, Islamic Resistance in Iraq, has carried out tens of drone and rocket attacks against United States troops in Iraq and Syria in retaliation for Washington's support for Israel.

Barzani said that these attacks against US troops in Iraq and the Kurdistan Region “will never serve Iraq or the Kurdistan Region. We believe that everything should be done to prevent Iraq from being dragged into these issues.”

https://www.rudaw.net/english/business/03112023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Thu Nov 09, 2023 12:21 am

Fate of Kurdish oil exports

Kurdistan: The representatives of the Iraqi government and oil companies operating in the Kurdistan Region on Wednesday held their first meeting in Dubai, discussing the fate of the Region’s oil exports which have been halted for months, according to a statement by the companies

Export of Kurdistan Region’s oil through the Iraq-Turkey pipeline has been halted since March 23 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying Turkey had breached a 1973 agreement by allowing Erbil to begin independent oil exports in 2014.

The Association of the Petroleum Industry of Kurdistan (APIKUR) said in a statement that it held its first meeting with the representatives of the Iraqi government as well as Iraq’s State Organization for Marketing of Oil (SOMO) and the North Oil Company in Dubai.

The APIKUR, which includes a number of international oil and gas companies operating in the Kurdistan Region, said that its members’ focus during the Wednesday was “to enable the rapid restart” of the oil exports from Iraq and the Kurdistan Region to Turkey “through a proposal for the member companies to sell their entitlement oil” to the federal government.

The representatives of the umbrella group and the Iraqi government “emphasized the urgency of resuming full oil production and exports to global energy markets under mutually acceptable commercial terms. As the most expedient way to resume exports through the Iraq-Türkiye Pipeline (ITP), APIKUR proposed that SOMO negotiate crude oil purchase/sale contracts with APIKUR members,” read the statement.

“Under their Production Sharing Contracts (PSCs), APIKUR member companies have the right to sell their share of oil production (their entitlement oil) and the parties discussed how APIKUR member companies could sell oil to MoO/SOMO for subsequent transport through ITP and onward sale to international markets,” it added.

APIKUR also said its representatives told the Iraqi authorities that its members “will be able to resume full oil production when there is a clear, well-defined, legally-binding agreement on oil sales and export terms, including payments for past and future sales.”

The Iraqi government has not commented on the Dubai meeting.

The statement noted that the Iraqi government delegation “acknowledged that past debts would have to be honoured and that contractual arrangements would have to be acceptable to all parties, including the Kurdistan Regional Government. APIKUR representatives reiterated that existing commercial terms must remain in place, and the existing PSCs are valid.”

Kurdistan Region President Nechirvan Barzani on Friday said Baghdad’s failure to pay suitable fees to oil producers is one of the main obstacles to resuming oil exports through Turkey.
“Now Baghdad is really the issue because Turkey has announced that it is ready and willing to accept” resuming exports, Barzani said during a press conference in Paris.

Erbil and Baghdad have had multiple rounds of talks about resuming the exports and Barzani said there are still “some measures” that they need to agree on, including contracts the Kurdistan Regional Government (KRG) has signed with oil companies.

He said that Iraq treats oil companies operating in federally-controlled areas as service providers while the KRG treats them as “partners.”

“For example, in the budget law, they [Iraq] have set the [production] fee per oil barrel from the Kurdistan Region at six dollars, which is very low. This has to be increased because they have set the fee [for their oil companies] at a higher amount,” he said.

The APIKUR said last month that Baghdad and Erbil have lost seven billion dollars since March due to the export halt. Safeen Dizayee, head of the KRG’s Department of Foreign Relations, said in September the loss was $6 billion. Barzani said on Friday that the halt has cost Iraq five billion dollars.

Control over oil exports and revenues has long been a source of friction between Erbil and Baghdad. Barzani said the problem now is technical rather than political.

Prior to the halt, about 400,000 barrels of oil were being exported daily by Erbil through the pipeline that runs to the Turkish port of Ceyhan, in addition to some 75,000 barrels from Kirkuk oil fields controlled by the Iraqi government.

According to the highly-contentious Iraqi federal budget passed in June, the KRG is obliged to sell 400,000 barrels of crude oil through Iraq’s national oil marketing body, alternatively Baghdad would use Kurdish oil domestically.

The loss in oil revenues has worsened the financial situation and left the KRG unable to pay its public sector without assistance from Baghdad. The two governments, however, cannot agree on the Kurdistan Region’s financial entitlements.

https://www.rudaw.net/english/middleeast/iraq/08112023
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Mon Nov 13, 2023 12:44 am

Kurdistan Ready to Restart Oil Flows

Kurdistan Prime Minister Masrour Barzani on Sunday met with Iraq's Oil Minister Hayan Abdel-Ghani in Erbil to review ongoing preparations for the resumption of Kurdistan's crude exports

During the meeting, the Kurdish leader reaffirmed Kurdistan Region's readiness to resume crude flows in a way to ensure financial costs of the process are met and within the framework of the country's constitution and standing agreements between the relevant parties, according to a statement released by the prime minister on Facebook.

He called for concerted efforts to be accelerated to ensure Kurdistan's oil flows resume promptly, and assigned Kurdistan Region's minister of natural resources to cooperate and coordinate with the federal government's delegation, which was also represented by the head of Iraq's Oil Marketing Company (SOMO).

For their part, the Iraqi delegation conveyed federal government's willingness to help expedite preparations to restart Erbil's crude exports.

On March 25th of this year, following an International Chamber of Commerce (ICC) arbitration ruling in France, Turkey ceased Kurdistan's crude oil exports of 450,000 barrels per day through a pipeline to the Turkish port of Ceyhan.

The ICC ordered Turkey to pay $1.5 billion in damages to Baghdad, citing unauthorized exports by the Kurdistan Regional Government (KRG) from 2014 to 2018.

This verdict has posed financial challenges for the Kurdistan Region, impacting public sector salaries and hindering the implementation of development projects, given its reliance on crude export revenues.

https://www.basnews.com/en/babat/829958
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Tue Nov 14, 2023 1:04 am

Talks on Oil Exports Continue

Officials from the Kurdistan Government (KRG) and the Iraqi federal government on Monday continued their meetings in Erbil to discuss the resumption of oil exports from the Kurdistan Region

In a statement, the KRG’s Department of Media and Information reported that Kamal Mohammed, the acting Minister of Natural Resources for the Kurdistan Region, met with Iraqi Oil Minister Hayan Abdel-Ghani to address the mechanisms for restarting oil exports through Turkey’s Ceyhan port.

This marks the second meeting on this matter, following the initial session held on Sunday, during which both parties agreed to resume oil exports from the Kurdistan Region and establish the necessary procedures.

The pause in oil exports began on March 25th of this year after an International Chamber of Commerce (ICC) arbitration ruling in France.

The ruling led to Turkey halting Kurdistan's crude oil exports of 450,000 barrels per day through a pipeline to the Turkish port of Ceyhan. The ICC directed Turkey to pay $1.5 billion in damages to Baghdad, citing unauthorized exports by the Kurdistan Regional Government (KRG) from 2014 to 2018.

This decision has presented financial hardships for the Kurdistan Region, affecting public sector salaries and impeding the progress of development projects, given its reliance on revenue from crude oil exports.

https://www.basnews.com/en/babat/830150
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Mon Nov 20, 2023 12:06 am

Procedures to Resume Oil Exports

Iraqi Prime Minister Mohammed Shia’ al-Sudani on Sunday chaired a cabinet meeting to oversee the Ministry of Oil and its projects, discussing ongoing efforts to resume oil exports of the Kurdistan Region

The Prime Minister’s office said in a statement that the session focused on reviewing the progress of the Oil Ministry's plans designed to enhance the oil sector in Iraq.

“During the meeting, Prime Minister Al-Sudani received an update on the outcomes of discussions between the Ministry of Oil in the Federal Government and the Ministry of Natural Resources in the Kurdistan Regional Government of Iraq.”

“The discussions aimed to finalize the procedures for resuming crude oil export through the Turkish port of Ceyhan,” the statement added.

Following an arbitration decision by the International Chamber of Commerce (ICC) in France on March 25th, Turkey suspended the crude oil exports from Kurdistan.

These exports, totaling 450,000 barrels per day through a pipeline to the Turkish port of Ceyhan, were halted after the ICC ruled that Turkey must compensate Baghdad with $1.5 billion.

The ICC cited unauthorized exports by the Kurdistan Regional Government during the period from 2014 to 2018 as the basis for this compensation.

https://www.basnews.com/en/babat/830796
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sat Nov 25, 2023 10:47 pm

New Round of Oil Export Talks

Kurdistan acting Minister of Natural Resources Kamal Mohammed has suggested the likelihood of a new round of negotiations with the federal government before the beginning of next month

This comes after the region fulfilled the federal government's requests regarding the resumption of oil exports abroad. Mohammed indicated that the resumption process awaits the finalization and increase of the estimated cost of production and transportation.

Regarding the negotiation progress and in accordance with the agreements between the Region and the federal government, Mohammed stated, "Technically, there are no significant disputes, and the Turkish side has expressed its readiness to receive oil from the Kurdistan Region."

He explained that "it's about determining the cost of production and transportation," noting that the budget law specifies 8,690 dinars as the price for producing one barrel of oil, a figure unattainable for oil companies operating in the region.

He pointed out that "the delegation from the federal government's Ministry of Oil includes experts who are aware that this amount is not sufficient for oil production," stating that "the delegation had several requests, including receiving relevant samples and information about oil fields."

He mentioned that the Kurdistan Region demanded an increase in the specified value as production costs so that oil companies can resume production. He said, "The federal government delegation requested some data for this purpose, and we fulfilled these requests officially on November 19.”

"So, we are waiting for the resumption of negotiations soon, before December 1," he added. "Turkey and the Kurdistan Region are ready to resume oil exports, a matter that requires attention from the federal Ministry of Oil regarding the cost of production and transportation.”

https://www.basnews.com/en/babat/831401
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Re: Kurdistan Oil & Gas Development

PostAuthor: Anthea » Sat Dec 16, 2023 4:34 am

Kalegran B.V. joins Kurdistan

ERBIL — Kalegran B.V., a subsidiary under Hungary's MOL Group, has formally joined the Association of the Petroleum Industry of Kurdistan (APIKUR), confirmed by Myles B. Caggins III, the spokesperson for the association, on Thursday

The affiliation, announced by APIKUR, underlines Kalegran's substantial engagement within the Kurdish petroleum sector, notably its 20% ownership stake in the Shaikan Oil Field since 2007.

Globally, Kalegran operates across 40 countries and maintains a workforce of over 30,000 individuals. Its parent company, MOL Group, commands a market capitalization of $6.44 billion on the Budapest Stock Exchange.

This inclusion marks the eighth addition to APIKUR, joining prominent entities such as DNO, Genel, Gulf Keystone, HKN, ShaMaran Corporation, Hunt Oil Company, and WesternZagros. Together, these companies collectively contribute to roughly 50% of petroleum production in the Kurdistan Region.

Caggins reiterated the shared commitment of member companies, including Kalegran B.V., toward advancing oil production and exports to benefit stakeholders and employees and bolster Iraq's overall economy.

https://www.basnews.com/en/babat/833509
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