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Iraq will discuss amending Kurdistan oil contracts in December
- Time: 11/27/2023 16:52:39
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{Economic: Al-Furat News} Iraqi oil sector officials intend to meet with representatives of international oil companies and officials from the Kurdistan region in early December to discuss contract amendments focusing on the latest efforts to resume exports of northern oil via Turkey, according to what Bassem Muhammad, Undersecretary of the Ministry of Oil for Extraction Affairs, said. .
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Muhammad said in a press statement that the resumption of northern crude exports, which have been halted since March, depends on renegotiating the current production-sharing contracts to change them to a profit-sharing model.
He added, "If an agreement is reached with these companies to change their contracts, oil exports through Turkey will then resume."
Muhammad added, "We expect to reach an agreement with the companies. These companies want to continue working in the region without any problems."
He stated that these contracts will be similar to the model used in the fifth licensing round for Iraq with the UAE-based Crescent Petroleum Company.
Turkey stopped exporting 450,000 barrels per day of oil from northern Iraq on March 25 after the International Chamber of Commerce ruled in an arbitration case. The ruling orders Turkey to pay compensation to Iraq worth $1.5 billion for the damage it suffered due to the Kurdistan Regional Government’s unauthorized export of oil between 2014 and 2018.
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{Economic: Al-Furat News} Iraqi oil sector officials intend to meet with representatives of international oil companies and officials from the Kurdistan region in early December to discuss contract amendments focusing on the latest efforts to resume exports of northern oil via Turkey, according to what Bassem Muhammad, Undersecretary of the Ministry of Oil for Extraction Affairs, said. .
A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
Muhammad said in a press statement that the resumption of northern crude exports, which have been halted since March, depends on renegotiating the current production-sharing contracts to change them to a profit-sharing model.
He added, "If an agreement is reached with these companies to change their contracts, oil exports through Turkey will then resume."
Muhammad added, "We expect to reach an agreement with the companies. These companies want to continue working in the region without any problems."
He stated that these contracts will be similar to the model used in the fifth licensing round for Iraq with the UAE-based Crescent Petroleum Company.
Turkey stopped exporting 450,000 barrels per day of oil from northern Iraq on March 25 after the International Chamber of Commerce ruled in an arbitration case. The ruling orders Turkey to pay compensation to Iraq worth $1.5 billion for the damage it suffered due to the Kurdistan Regional Government’s unauthorized export of oil between 2014 and 2018.
Share if you like
[You must be registered and logged in to see this link.]
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