Erbil has won oil deals fight against Baghdad: Genel Energy CEO
ERBIL, Aug. 9 (AKnews) – Baghdad has lost its oil deals fights with the regional Kurdish government in Erbil, Mehmet Sepil, CEO of Genel Energy, a UK-Turkish energy company active in Kuridstan Region of Iraq.
“Baghdad has lost its oil and natural gas fight against northern Iraq,” Sepil told Anatollia News Agency. “Let’s take a look at companies operating there currently: Exxon, Chevron, Total and Gazprom. These are some of the largest oil companies in the world. What’s more, Exxon, Total and Gazprom are also working in Baghdad [oilfields]”
“ Baghdad says it will put those who operate in northern Iraq on a blacklist, but the largest companies in the world are working there. This issue is over. In addition, Baghdad operates too slowly, so the oil companies are escaping from there and moving to the north. The energy fight is over today. The important question is when Baghdad will admit this.”
Genel Energy recently caught a 21 percent share of the Bina Bawi oil field. The company now has a total share of 44 percent .
Sepil also believes that the number of the oil companies operating in Kurdistan Region will dramatically fall by more than 50 percent in the coming years as the region will see more consolidations.
“The region will see a large consolidation. The number of [oil]companies in northern Iraq, which is between 40 and 50 today, will fall to between 10 and 15 in two or three years… First the small companies penetrate, they find the oil, and sell [the field] after benefiting from it. Now this is the process taking place in northern Iraq.”