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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Production will not resume before the agreement.. Foreign oil companies operating in Kurdistan propo

    Rocky
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    Production will not resume before the agreement.. Foreign oil companies operating in Kurdistan propo Empty Production will not resume before the agreement.. Foreign oil companies operating in Kurdistan propo

    Post by Rocky Thu 09 Nov 2023, 8:50 am

    Production will not resume before the agreement.. Foreign oil companies operating in Kurdistan propose to sell oil to SOMO
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    Baghdad Today - Baghdad
    International oil companies in the Kurdistan region of Iraq have proposed selling crude from their fields directly to the federal government in an attempt to resume exports that have been halted for more than seven months, according to Bloomberg.
    Companies operating in the semi-autonomous Kurdistan region have largely halted production since a dispute over arrears led Turkey to halt a pipeline transporting crude oil to the Mediterranean coast. About 500,000 barrels per day of supplies from northern Iraq to global markets have been cut off.
    Turkey said last month that the pipeline was ready to resume shipping oil supplies, but several problems must be resolved before flows can begin. The Iraqi federal government demands the right to sell all oil from Kurdistan, while the companies have production agreements with the regional administration of the region and were selling the majority of their supplies to it before exports stopped.
    The companies, which are already facing losses of more than $1 billion due to the halt in exports, met with Iraqi officials in Dubai on Wednesday and offered to sell their production directly to SOMO, the state oil marketing company, the Kurdistan Petroleum Industries Federation, which represents the companies, said in a statement. .
    The producing companies confirmed that they will not increase production for export until the problems are resolved.
    The Kurdistan Petroleum Industries Federation said companies “will be able to fully resume oil production when there is a clear, well-defined and legally binding agreement on oil sales and export conditions, including payments for past and future sales.”
    Iraq grants some semi-autonomous powers to the Kurdish region, but the issue of oil sales rights from the region has been unresolved for years. The country has not enacted a law regulating the oil industry and sales. Iraq is the largest producer in OPEC after Saudi Arabia, and sells most of its oil through the southern port of Basra.
    The Kurdistan Petroleum Industries Federation said earlier that Turkey's closure of the Iraq-Turkey pipeline in March cost Iraq, the Kurdistan Regional Government and oil producers collectively a total of $7 billion in lost export revenues, as reported by Reuters.
    The Norwegian company DNO, a member of the Federation of Petroleum Industries in Kurdistan, indicated that the company’s accumulated debts to the Kurdistan Regional Government for previous oil sales in 2022 and 2023 exceeded $300 million.
    The Federation of Petroleum Industries in Kurdistan also includes: “Genel Energy”, “Gulf Keystone Petroleum”, “Shamaran Petroleum”, “HKN Energy” and “Hunt Oil”, which collectively produce about 50% of the oil in Iraqi Kurdistan.
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