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The Minister of Oil announces via “Baghdad Today” the formation of two committees to resume the export of Kurdistan oil through SOMO
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Baghdad today - Baghdad
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani Al-Sawad, revealed today, Saturday (May 4, 2024), the formation of two committees with Kurdistan, one technical and the other legal, regarding handing over the region’s oil to the ministry in order to continue exporting it through the SOMO company.
Al-Sawad said in an interview with "Baghdad Today", "The region's production currently amounts to 375 thousand barrels, 46 thousand barrels of which go to operating refineries, and the remaining about 329 thousand barrels are supposed to be delivered to the Ministry of Oil in the federal government, so that these quantities are exported through the SOMO company."
He added, "Two committees have been formed with the region, one technical and the other legal, to proceed with the completion of the dialogues this week for the purpose of resolving the problems once and for all regarding the delivery of the region's oil to our ministry to be exported through SOMO," pointing out that "the dialogues that may take place this week are within the formed committees that include representatives from the government." The region and the Ministry of Natural Resources for the purpose of conducting negotiations.”
He stressed that "the intentions are moving towards resolving the matter and delivering the oil to Baghdad through the company responsible for exporting Iraqi oil abroad."
On Wednesday (March 27, 2024), the oil expert and energy affairs advisor in the Patriotic Union of Kurdistan, Bahjat Ahmed, outlined the most important problems of the oil file between Baghdad and Erbil.
Ahmed said in an interview with “Baghdad Today” that “the lack of transparency in oil revenues and the high percentage of costs at the expense of the region’s profit led to the inability to cover the budget, with the failure to establish an institution to manage the oil file and not allowing the establishment of the oil industry, and allocating all the oil produced for export.” Externally, that is one of the problems.”
He added, "The legal conditions included in the region's contracts with oil companies for the benefit of the Kurdistan government must be implemented, and public oil companies listed in the oil and gas law of Kurdistan must be established. Also, the absence of a condition in the region's contracts about setting a ceiling for oil production has allowed the companies to put pressure on the fields." “For the purpose of producing the largest possible quantity in the shortest time, this caused damage to the majority of the fields.”
He explained, "There is publication of fictitious information about the region's oil reserves, so that oil companies can benefit from that information for the purpose of increasing the price of their shares on the global stock market without Kurdistan benefiting from it a single dollar."
He stressed that "since 2013 and until oil exports stopped last year, companies produced 1.6 billion barrels of oil in all oil fields in the region, and those companies also invested about 12 to 14 billion dollars."
The Ministry of Oil had previously held foreign companies operating in the oil sector in Kurdistan responsible for the cessation of exports through the Iraqi-Turkish pipeline since last March.
APICOR, a coalition of 8 companies operating in the oil sector in Kurdistan and exporting 50 percent of its oil to Turkey, claimed in its statement that the Iraqi government had not taken important steps to open the Iraqi-Turkish oil pipeline and resume the export of Kurdistan region oil, despite Turkey’s announcement in October. The first 2023 is that the line is ready.
Kurdistan was exporting 450,000 barrels daily to Turkey, to secure the salaries of its employees and its financial revenues, due to the absence of an oil and gas law regulating the management of oil wealth in Iraq. However, the region's export of oil without referring to the federal government, and without its commitment to pay the value of 250,000 barrels to Baghdad in accordance with the federal budget law, caused deep problems between the two sides, the disastrous repercussions of which were reflected in the standard of living of the region's residents after the federal government refrained from paying salaries. Its employees since 2015, only after the region fulfilled its financial obligations to Baghdad.
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