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The first oil company to leave the region in implementation of the decisions of the Federal Court
[You must be registered and logged in to see this link.]June 25, 2022
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The American company "Baker Hughes" decided to withdraw from the Kurdistan region, in implementation of the Federal Court's decision that the oil and gas law in the region was unconstitutional.
The American company informed the Supreme Oil Committee in the region of its commitment to Federal Court Decision No. 59 of 2012 and the withdrawal, to be the first oil company to comply with the decisions of the Iraqi government and leave the Kurdistan region.
The Iraqi Oil Ministry had begun a series of steps to implement the Federal Court’s decision regarding the file of the Kurdistan region’s oil management and making it the prerogative of the Iraqi government exclusively after the failure of Erbil and Baghdad to reach an agreement formula that ends the crisis that has been going on between them for more than a decade, a demand from the oil and gas companies operating in the region. Kurdistan has signed new contracts with the Iraqi Oil Marketing Company “SOMO” instead of the regional government, in a new attempt to control revenues from the region.
Baker Hughes is a global industrial services company and one of the largest oilfield services companies in the world. It provides the oil and gas industry with products and services for well drilling, production and reservoir consulting.
The company operates in more than 120 countries, has 60,000 employees, and has an estimated capital of $38 billion. The company is currently investing in gas associated with oil extraction.
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