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[size=33]The Kurdistan Petroleum Industry Association calls on Baghdad and Erbil to guarantee their rights within the budget and oil and gas laws[/size]
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2023/08/15 09:17 AM
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Zagros Arabia - Erbil
The Kurdistan Petroleum Industry Association, which includes five foreign oil companies operating in the Kurdistan Region, called for negotiations between the Iraqi federal government and the Kurdistan Regional Government in a way that guarantees the rights of these companies, whether in the general budget law or in the oil and gas law.
The Association of the Petroleum Industry in Kurdistan (APIKUR) issued a statement regarding the negotiations between the governments of the Kurdistan Region and Iraq, in which it called on the Iraqi federal government and the Kurdistan Region to complete the negotiations currently taking place between them in a way that guarantees respect for the internationally recognized contractual rights of international oil companies and their inclusion in the implementation of the Iraqi general budget law and any Future laws controlling oil and gas in the Republic of Iraq and the Kurdistan Region.
The statement stressed that it is necessary for the future of the industry in the Kurdistan Region and Iraq and the many jobs that this industry supports, that the results of the negotiations between the two governments include refunding the costs and profits that international oil companies are entitled to under the current Production Sharing Contracts (PSCs).
The Kurdistan Petroleum Industry Association (APIKUR) includes the oil companies DNO Norway, Kennel Energy, Golf Keystone Petroleum, HKN Energy and Chamaran Petroleum.
APIKUR indicated in its statement that the contracts concluded with the Kurdistan Region are subject to English law, with disputes settled through international arbitration at the London Court of International Arbitration.
The statement stated that despite the political, security and geological challenges in the region, these companies have developed the oil sector in the Kurdistan Region from almost nothing 15 years ago to the current production capacity of about 250 thousand barrels of oil per day.
The statement indicated that the oil and gas sector in the Kurdistan Region now provides tens of thousands of high-quality jobs directly through the international oil companies themselves and indirectly through service companies and contractors and in the communities adjacent to our operations, homes and offices, and the international oil companies have spent hundreds of millions of dollars on Exploration projects that have been proven to be non-commercial, all at no cost or risk to the Kurdistan Region.
The statement of these oil companies comes after a meeting held on (August 5, 2023) between the two Iraqi Deputy Prime Ministers (the Ministers of Foreign Affairs and Oil), the delegation of the Kurdistan Region, the governors of the oil-producing provinces, the prime minister’s advisors, and officials in the Iraqi Ministry of Oil to discuss the details of drafting the Iraqi oil and gas law that is scheduled to operate. commission on its preparation.
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2023/08/15 09:17 AM
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Zagros Arabia - Erbil
The Kurdistan Petroleum Industry Association, which includes five foreign oil companies operating in the Kurdistan Region, called for negotiations between the Iraqi federal government and the Kurdistan Regional Government in a way that guarantees the rights of these companies, whether in the general budget law or in the oil and gas law.
The Association of the Petroleum Industry in Kurdistan (APIKUR) issued a statement regarding the negotiations between the governments of the Kurdistan Region and Iraq, in which it called on the Iraqi federal government and the Kurdistan Region to complete the negotiations currently taking place between them in a way that guarantees respect for the internationally recognized contractual rights of international oil companies and their inclusion in the implementation of the Iraqi general budget law and any Future laws controlling oil and gas in the Republic of Iraq and the Kurdistan Region.
The statement stressed that it is necessary for the future of the industry in the Kurdistan Region and Iraq and the many jobs that this industry supports, that the results of the negotiations between the two governments include refunding the costs and profits that international oil companies are entitled to under the current Production Sharing Contracts (PSCs).
The Kurdistan Petroleum Industry Association (APIKUR) includes the oil companies DNO Norway, Kennel Energy, Golf Keystone Petroleum, HKN Energy and Chamaran Petroleum.
APIKUR indicated in its statement that the contracts concluded with the Kurdistan Region are subject to English law, with disputes settled through international arbitration at the London Court of International Arbitration.
The statement stated that despite the political, security and geological challenges in the region, these companies have developed the oil sector in the Kurdistan Region from almost nothing 15 years ago to the current production capacity of about 250 thousand barrels of oil per day.
The statement indicated that the oil and gas sector in the Kurdistan Region now provides tens of thousands of high-quality jobs directly through the international oil companies themselves and indirectly through service companies and contractors and in the communities adjacent to our operations, homes and offices, and the international oil companies have spent hundreds of millions of dollars on Exploration projects that have been proven to be non-commercial, all at no cost or risk to the Kurdistan Region.
The statement of these oil companies comes after a meeting held on (August 5, 2023) between the two Iraqi Deputy Prime Ministers (the Ministers of Foreign Affairs and Oil), the delegation of the Kurdistan Region, the governors of the oil-producing provinces, the prime minister’s advisors, and officials in the Iraqi Ministry of Oil to discuss the details of drafting the Iraqi oil and gas law that is scheduled to operate. commission on its preparation.
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