Gas and Oil News | Kurdistan moved oil activities to new company
Date:2022-04-01 20:15:17 Views:537
The Iraqi government has told Kurdistan to transfer its oil and gas operations to a new company before Baghdad takes over operations in the region, according to a document seen by Bloomberg.
The document, signed by Oil Minister Ihsan Abdul-Jabbar, asks for copies of all oil and gas contracts signed by the Kurdistan regional government since 2004 and details on its hydrocarbon revenues. The document had been sent on March 24 and the information was requested within 15 days.
Baghdad has long tried to bring Kurdish production under its control in exchange for money from the Iraqi state budget. A February ruling by the Iraqi Supreme Court indicated that the central government has rights to hydrocarbons in the semi-autonomous region.
But Erbil's KRG insists its right to control hydrocarbons in the region is enshrined in the constitution. On Monday, Prime Minister Masrul Barzani said his government remained committed to signing contracts with oil and gas companies despite the court ruling.
Kurdistan produces about 450,000 barrels of oil per day. That's just a fraction of Iraq's total output of 4.3 million barrels a day.
In the letter, Baghdad asked the KRG to appoint officials to work with the central government to establish the new company, which it suggested to be called the Kurdistan Oil Company.
The document, signed by Oil Minister Ihsan Abdul-Jabbar, asks for copies of all oil and gas contracts signed by the Kurdistan regional government since 2004 and details on its hydrocarbon revenues. The document had been sent on March 24 and the information was requested within 15 days.
Baghdad has long tried to bring Kurdish production under its control in exchange for money from the Iraqi state budget. A February ruling by the Iraqi Supreme Court indicated that the central government has rights to hydrocarbons in the semi-autonomous region.
But Erbil's KRG insists its right to control hydrocarbons in the region is enshrined in the constitution. On Monday, Prime Minister Masrul Barzani said his government remained committed to signing contracts with oil and gas companies despite the court ruling.
Kurdistan produces about 450,000 barrels of oil per day. That's just a fraction of Iraq's total output of 4.3 million barrels a day.
In the letter, Baghdad asked the KRG to appoint officials to work with the central government to establish the new company, which it suggested to be called the Kurdistan Oil Company.
A spokesman for KRG did not immediately respond to a request for comment on the document.
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