Foreign oil companies resume work in Kurdish region
6:51 PM ADMIN
Arbil/ Iraq TradeLink: The Kurdish government announced that foreign oil companies will resume
Sources at the Kurdish Natural Wealth Ministry said that the companies expressed their wishes to continue their digging in the region by mid of the next year, as stated by Kurdish Washa newspaper, which is issued in the Kurdish language.
Companies like Exxon Mobil and Chevron decided to suspend their operations in thre region following the attack on the latter in August, 2014.
The decline in international oil prices was another factor for suspending oil work in the Kurdish region that resulted in affecting oil sector in the region and freezing its investment projects.
The international oil crisis prevented the Kurdish region from paying the royalties of the foreign firms working here, that, also, resulted in affecting the development of the oil sector.
The Kurdish region is currently producing about 600.000 b/d, while it aimed to reach one million b/d at the end of 2014.
Kurdish oil reserves are estimated to reach 4 billion barrels, according to local estimates.
The work in this sector started in the Kurdish region in 2006, with aims of establishing Kurdish oil sector, away from Baghdad's control.