Iraq oil report: Christan province will see a great season contractually in the field of oil, despite the differences between Erbil and Baghdad

Sunday, 22 December / 2 January 2012 18:13

[Erbil - where]
Likely [report of Iraq's oil], "The Kurdistan region is witnessing a great season in the oil contracts in spite of the differences between Erbil and Baghdad in this aspect."
And move the location of the Kurdistan Regional Government on the report, "The Kurdistan region will see a great season in the wake of the entry of giant companies will capture the oil sector in the region, especially after the announcement of a Turkish company British proximity to lay hands on the largest shares in the oil production in the Kurdistan region."
"The company Genel Energy announced this week it was in talks about having a full share of the foreign sector Jiasorg in the Kurdistan region of Iraq, to become one of the largest operators petroleum in the north of the country, and will launch a new phase of oil development for the benefit of the Kurdish region, the semi-autonomous" .
The report continued, "It's so soon, Kurdistan was focused on the conclusion of contracts with foreign companies for exploration and dozens of now, and with the openness of open space almost completely, it is likely that the region is entering a season of gains and endure."
And that "the Turkish company a British medium-sized enterprises, led by chairman of British Petroleum British Tony Howard, following the merger of Howard and her name Valaris and Turkish firm Genel Energy armed with financing the purchase of a billion [900] million U.S. dollars, and this bet on the ability of the Kurdistan Regional Government to overcome a number of challenges and continuing to climb the steep path of development which would refer the company's early investment in the oil sector in the region rising to the large property. Howard continued, "for what we consider a very good price, give us [80] percent of the assets of high quality in one of the largest oil provinces available to global investors."
The report went on to "The investment in Kurdistan did not come without significant risk, what is still the Kurdistan Regional Government closed in conflict with the central government, which sees it as the only authority empowered the conclusion of oil contracts has described the contracts the Kurdish Balla legitimacy."
And manages the flow of the central government export oil through the lines and the flow of oil sales proceeds, so the success of commercial contracts for Kurdistan depends on the prospects of an uncertain cooperation among leaders in Baghdad and the Kurdish capital Arbil.
The report noted that "the government of Kurdistan, in spite of this friction, and set a target production line up to a million barrels a day within five years, on her way up to more than [310] thousands of barrels a day by the end of this year, an increase of the output current of towards the [180] thousand barrels per day, and this number varies depending on various estimates of the infrastructure and political issues at the national level, as according to a new report developed by the company's Canadian oil of Western Zagros, the production capacity of Kurdistan now is two hundred and [54] thousand barrels per day, will reach four hundred and [19] thousand barrels per day later this year, seven producing fields and production capacity of the sector, which is owned Sergalh of Western Zagros five thousand barrels.
The report said that "the company Genel will have a hand in much of this, the largest projects in Kurdistan so far is a field [Taq] oil, which is working Genel to develop in the framework of a joint venture with Sinopec Addax, under a contract the first time in 2002, The result is now at least [75] thousand barrels of crude product is sold in both domestic market and to carry loads to the point of entry in the export pipeline in the North Khurmala Arbil, or been carried out in the province of Dahuk, to issue to Turkey. " Pending the approval of the government of Kurdistan and the companies involved, will raise the Genel share of 20 to 80] percent, through the purchase of the assets of two companies by taking a stake of Longford Energy of Canada, against 68 million dollars [twenty-six million of them will go to pay the bills to the Government of Kurdistan, and the purchase of share of [20] percent owned by the Turkish Oil Company house for 26 million dollars, and will remain for a share of the Kurdistan Regional Government [20] percent.
Said Genel that there is much that awaits exploration, the company said in a statement that "there are an estimated 300 million barrels of oil equivalent, as he emphasized Hayward said in a statement that" operations are being conducted to explore the well [in the area] this year, "he said, adding" we expect continue drilling over the next two years, We also conduct a comprehensive exploration program to develop a full assessment of the sector. "
Genel also owns a small stake in the Tawke field, which is operated by proximity [DNO] Norwegian, has an average production of about [70] thousand barrels a day now, but it aims to reach 100 thousand barrels per day, at least in the current year. Eight Genel is the operator sector Beer Bar, and the junior partner of Dohuk sector occupied by the company and the sector approach of Miran Company's Heritage. Despite the enthusiasm of investors, but that "there is the question of the President caused the slow development in Kurdistan is the contractors dues payments." The report noted that "the prime minister Nuri al-Maliki, agreed in January 2011, with Prime Minister of the Kurdistan Regional Government, Barham Saleh, who is likely that he was leaving his post within days or weeks to begin Kurdistan exporting an average of 100 thousand barrels per day and receive 50% from the proceeds of such exports to cover the costs of recovery payments businesses. and attached to these payments raises of 17 percent of general state revenues allocated originally to the provincial government. Under the agreement, the central government transferred some money to the cost of the contractors, but the commanders in Baghdad say it is the responsibility of the provincial government, as a signatory to the contract, to pay any profits to oil companies. Iraq's production amounted to two million and the total [700] thousand barrels per day in the month of December last, and looks forward to reach three million and [500] thousand barrels per day this year, 2012, with the introduction of new export and increase production in Kurdistan. The report noted that the budget for the year 2012 proposed, included an increase in exports of fields of Kurdistan to an average of 175 thousand barrels per day, but officials in the government of Kurdistan, said the "report of Iraq's oil" The drafts of new oil and gas law abolished the requirement re-distribution of the 50 percent, which will not be approved by officials in the government of Kurdistan. He continued that "such disputes take place amid intense political scene, lines are fissures are often distributed on the basis of sectarian identity between Maliki's government, led by the Shiite community and its partners in the coalition is stable, with a block-backed Iraqi community the year as the Iraq policy suffered complications against the backdrop of competing interests ethnic.
Kurdish officials say that the central government run by the Arab majority fell in separate deals on its promise, to go forward in the law of oil and begin the process of resolving disputes over areas of land, which he says all of the Arabs, Kurds and Turkmen, it belongs to them. sector is Jiasorg is located partly in the territory of disputed it, but now managed entirely by the Kurdistan Regional Government.Despite the lack of political clarity,
The Minister of Natural Resources in the Kurdistan Regional Government has drastically agreement and announced that his ministry with the company [Exxon Mobil] U.S. to drill for oil in the region goes forward and Aausband obstacles.
The Committee on Oil and Energy in the House, revealed in the words of the Attorney User Furat al-Shara said there has recently been approved in principle between the KRG and the federal government on a new formula for the adoption of the law of oil and gas.