kurdistan – Oil & Gas 360

Kurdistan Will Not Cooperate with Iraq on Production Cuts

December 27, 2016

Kurdistan says Iraq will need to shoulder the burden of cuts Iraq’s central government in Baghdad will be responsible for meeting the production cuts set forth in the OPEC production deal without Kurdistan, according to Kurdish news network Rudaw. Kurdish officials have dismissed claims that the Kurdistan Regional Government (KRG) will cooperate with the Iraqi central government on production cuts.

Gulf Keystone Petroleum Unsure it can make more than $600 Million in Bondholder Payments

March 17, 2016

Political instability in Kurdistan makes future uncertain In its fourth quarter results, Gulf Keystone Petroleum (ticker: GKP, GulfKeyston.com), which operates in Iraq’s northern Kurdish region, said it may not be able to make payments to bondholders. Political instability in the region, combined with lower oil prices has left it, along with other operators in the Kurdistan region, without a definite

Iraq Oil Revenues Could Slide by 35%

October 5, 2015

Members of Iraq’s parliament downplay 5 million barrels of oil output A number of Iraqi lawmakers downplayed a recent report from Moody’s Insurance that the country’s oil output could reach 5 million barrels per day. The members of parliament said the current prices and large shares that oil companies take from oil revenues will leave a “pittance” for the state’s

Kurdistan Region Reasserting Right to Sell Oil Independent of Iraq

September 24, 2015

U.S. court allows oil sales from Kurdistan Iraq’s Kurdish Semi-autonomous region is increasing international oil sales without the approval of Iraq’s central government. The U.S. Court of Appeals for the Fifth Circuit in New Orleans dismissed the Kurdistan Regional Government’s (KRG) bid to overturn an earlier ruling against a planned sale of oil to an unidentified buyer in the U.S.,

Kurdistan to Make Steady Payments, But Iraq Walks a Fine Line

August 28, 2015

Kurdistan set to pay $75-$100 million to oil exporters next month Iraq’s northern Kurdish region announced that it will start making regular payments for crude exports to producers starting in the first-half of September. Exporters will receive $75-$100 million in total next month, according to a release from the Kurdistan Regional Government’s (KRG) Ministry of Natural Resources Thursday, with additional

Iraq Oil Dispute Resolved, Expects Increase in Production

December 8, 2014

The Iraqi government agreed on December 2 to an oil export deal with the northern region of Kurdistan, ending a dispute over oil exports with Iraq’s northern region. Earlier this year, the Iraqi government cut off funding to the Kurdish autonomous region in retaliation for the Kurds trying to sell oil produced in the north independently. The Iraqi government claims

Oryx Petroleum Resumes Operations in Iraq

September 4, 2014

After security concerns in the region prompted a mid-August suspension of operations on its Hawler license in the Kurdistan Region of Iraq, Oryx Petroleum Corporation (ticker: OXC) announced that it has now resumed crude oil production and sales into the domestic market at the Demir Dagh field at rates in excess of those prior to the temporary halt in August.

Oil Companies Evacuating Iraq; ISIS Selling Black Market Crude for $30/Barrel

August 7, 2014

Reuters reported that both ExxonMobil Corporation (ticker: XOM) and Chevron Corporation (ticker: CVX) evacuated their staffs from Iraqi Kurdistan this morning. The employees of the oil giants join several thousand civilians attempting to escape violent Islamic State terrorists, also known as ISIS, who are now within a 30 minute drive of Abril, the Kurdish regional capitol. On June 13, Rupert

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