Foreign oil companies warn Kurdistan Region of Iraq over oil export

Foreign oil companies have warned the Kurdistan Regional Government of Iraq that they are ready to fully operate in this region only if oil exports are resumed and salary payment problems are resolved.

The export of oil from the Kurdistan Region of Iraq has been stopped since two months ago. 

The foreign oil companies operating in the Kurdistan Region of Iraq, which turned to storing oil in storage tankers in the first days of the blockade of the Kurdistan Region's oil pipeline to Turkey, reduced the amount of oil extraction as the Kurdistan Region's oil pipeline to Turkey remained blocked.

The halt in Kurdistan Region's oil export, due to Iraq winning the lawsuit against Turkey because of the export of Kurdistan Region's oil despite Iraq's will, has deprived the Iraqi Kurdistan Region of its oil income from the daily sales of 450,000. 

The Kurdistan Region pays oil companies in exchange for oil extraction by the companies, and the suspension of oil exports has created a lot of debt for Erbil. According to Energy Voice, at least four oil companies of DNO, Shamaran, Genel Energy, and Golf K Seton, have warned the Kurdistan Regional Government not to invest in the Kurdistan Region's oil sector until oil exports are resumed and the issue of wage arrears are not resolved, they will minimize their activities or halt them in the region.

DNO, Shamaran and Genel Energy have stated thwy will not advance the level of oil production based on the annual plan from Friday, and Gulf K Seton has also threatened to cut investment in the oil sector of the Kurdistan Region of Iraq by half.

News Code 159011

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