Major oil companies more than stakes in Iraqi Kurdistan

Major oil companies more than stakes in Iraqi Kurdistan

05/08/2012 19:36

Erbil, 5 August / August (Rn) – Iraq’s Kurdistan region possesses abundant quantities of crude oil extraction is easy and that is rare among energy resources untapped. And the man who managed the former engineer in the North Sea and consultant-turned-politician knows how to attract investment, according to the analysis, told Reuters. but the companies that operate under contracts signed with the Kurdistan Regional Government does not get a lot does not receive payments because of a dispute over control rights with the federal government in Baghdad . and, despite the differences with deep roots in the political arena explosive in Iraq, any oil company, a major move in the region irritate Baghdad as they enter into contracts with the Kurdistan Regional Government. said a top oil official in Iraq, “continue to migrate to the north .. This could be a turning point. ” The production is in the mountainous region bordering Turkey, Syria, and Iran’s tiny by global standards the current but with appropriate investment and lines of export, it can be up to one million barrels per day by 2014 and two million barrels per day after five years, according to estimates Ashti Hawrami, Minister of Natural Resources in the Kurdistan Regional Government. exceeds the production of Libya, which led the civil war in which a sharp rise in oil prices last year. and work Hawrami in Scotland Oil Company British national during the seventies and early eighties and then ran after the oil services company and the work after the consultant before becoming a minister in the Kurdistan Regional Government in 2006. and raise the skill of Commerce impressive officials in the oil and say he is aware that the companies simply need to return so that they can make investments, and in sharp contrast to governments skeptical that they deal with it in other parts of the Middle East. oil official said “The difference is that they are interested in our presence, while It seems the opposite in the south of Iraq. ” The sticking point in development projects in Kurdistan is that Baghdad has the authority to control all exports and challenge the validity of contracts signed with the Kurdish government in Irbil. trying to Baghdad restrict the powers of Kurdistan, where the shrinking supply of fuel and cash flows to the region based on maturity of the region to about 17 percent of the income of Iraqi oil exports. There are a lot of sparring and counter-claims on the arrangements in the latest action protest halted Government of Kurdistan’s oil exports in April, saying that the Baghdad dues amounting to $ 1.5 billion. In 2002 the company began to Genl Energy Turkish attempts exploration in the region, followed by De. that. or Norwegian and other companies after the US-led invasion of Iraq in 2003. At the present time are more than 40 foreign companies digging in patches of rich oil with crude oil that flows in some parts of the hillsides and collected in the valleys low. The proven reserves in Iraqi Kurdistan 45 billion barrels, more than a third of all Iraq’s oil reserves amounting to 143 billion barrels according to the annual statistical report for my company. my British oil accounting for reserves, Iraq’s 8.7 percent of global oil reserves.and oil industry source said that Hawrami about to sign an agreement with Shell but the Board of Directors of the second-largest oil company in the world ruled out the deal as a risk too high. And became paralyzed later in the biggest investor of oil in southern Iraq. Because of political differences and the problems of payment, the projects in the Kurdistan region has been turned into an exploration companies smaller with Iqbal on political risk and there is no lose with Baghdad. but in November of last year After four years away Shell changed the rules of the game. has signed Exxon Mobil, the largest oil company, especially in the world deal to explore in six concessions in Kurdistan. and moved Chevron’s second-largest American oil last month and bought a stake of 80 percent in Amtyazen two Sarta and Rufi from Reliance India . In the last week entered the French Total ring and bought a stake of 35 percent in the privileged silk and Sven from Marathon Oil also bought Russia’s Gazprom a stake in the franchise Ckramaan of Western Zagros, Canada. and suddenly became four of the ten largest international oil companies by market value, activity in Erbil . and angering Baghdad, which made it clear that Exxon and Total Tkhataran Hssma loss of billions of dollars in projects in the south of the country. How do you think then the world’s major oil companies? so far there is no obvious way to achieve the cash to take advantage of these investments. Has received the Kurdistan Regional Government last week’s letters from de. That. Or other companies operating in the area include dissatisfaction continued lack of access to financial dues. officials say that the movement of major oil companies in the north sends a message to Baghdad that the conditions of commercial projects in the southern fields are not attractive and that constitutional chaos and the slow pace of reconstruction after the war pose problems. and oil industry source said, “We realize the size of the political risks to work in the north, but the terms of trade is attractive largely make us accept those risks. “can not the benefits of service contracts Iraqi compete with the conditions given in Kurdistan.” and probably beats more new arrivals door Hawrami in pursuit of the privileges and more secure environment as well as better returns from the south. say oil experts that the contracts involved in the production of the Government of Kurdistan offers returns between 25 and 35 percent, compared with between 15 and 18 percent in the south of deals to increase production and start production in undeveloped fields for a fee fixed. criticize Christophe de Margerie, CEO of Total, publicly terms of service contracts to Baghdad. failed latest tender for the prospecting raised Baghdad in attracting the attention of the major oil companies. and oil sources said that Norway’s Statoil and Eni of Italy seek behind the concessions for exploration in Kurdistan .and Tforeigt Statoil of its stake in West Qurna 2 field giant oil in southern Iraq earlier this year, while still Eni is leading a project to develop the Zubair field south of scale. There are major oil companies other still put all their eggs in the basket of the South, including me. BP which started production from the Rumaila South and Russia’s Lukoil in addition to CNN. that. me. C China and Malaysia’s Petronas. continued Shell is also faithful to Baghdad and oil sources said that the company made a decision last year for the second time against the link with Kurdistan and turned her back to share with Exxon in order to focus on the gas project and other obligations in the south, $ 17 billion. said me. BNP has a lot of activities that make them busy in the south and has no plans to look to the north. Although Shell does not suspend the officials of the company showed in privately vision similar to the position of me. me. but those already in Kurdistan is likely to do to promote their positions.and oil sources said that Exxon, which risks losing its stake in West Qurna 1 Bmghazltha of the Kurdistan region is looking forward to the privileges of the exploration has not been knocked down on the border with Turkey and is expected to seek Chevron and Total behind the more privileges. and top oil official said believed that Baghdad would take action to prevent further defections “The Iraqi government is deeply concerned by the move away large companies. “If the government did not take the central action, the other companies will believe that it could move north without further repercussions. and they to do what they say .. so far no more than it being a sensation. ” and added “we will use the situation, of course, an argument in pursuit of the conditions more reasonable (in southern Iraq).”protested Baghdad at the highest political level to move Exxon in Kurdistan, was sent to Prime Minister Nuri al-Maliki a letter to U.S. President Barack Obama predicted dire consequences as a result on the stability of Iraq. and threatened Baghdad overthrow Paxson, Total and deprive Chevron of any contracts in the future. and senior Western official said, “I do not think that Exxon can continue in this situation and will have to check in time very close, “adding that he expected the heading CEO of Exxon Rex Tillerson, if subjected to pressure to Kurdistan. In the latest episodes of the conflict expressed Erbil some softening of the position and agreed to resume exports until August 31 provided access to funds, which says it deserves. and a dispute over concessions oil between Prime Minister Nuri al-Maliki and Kurdish regional President Massoud Barzani, a part of the political differences deeper in Iraq, where it passes the coalition struggling between the leaders of the Sunnis and the Shiites and Kurds second most dangerous conflict since the departure of U.S. forces in December. and oil reserves in Kurdistan’s role in the balance of forces and ethnic tensions on the more widely in the region in light of the immense wealth promising for those who will control it. In theory, the Kurdistan if I resigned completely able to avoid the territory of Iraq and export its oil through Turkey. in May announced that the Kurdistan Regional Government plans to build a pipeline from the Taq Taq field oil joins the current line from Kirkuk in Iraq to the Turkish port of Ceyhan on the Mediterranean to be completed in August 2013 initial card of one million barrels per day. but there’s a hitch in those plans to the government of Kurdistan and its investors could strengthen the position of al-Maliki. Prime Minister Recep Tayyip Erdogan, manages the game balances political is the most complex in the world. Having turned his back in last September to his friend of Syrian President Bashar al-Assad and embraced the opposition has the Erdogan has made enemies along its borders long. As for Iran, which supports al-Assad is a neighbor is a friend possible, while Turkey, such as Syria has a Kurdish minority concern. Therefore, Erdogan probably does not want to upset Baghdad and also wish to state Kurdish neighborhood is rich with money oil on its borders. said Raad Alkadiri of me. F. PFC Energy consultancy in Washington, “prefer to Baghdad now there is no export line independent of the Kurds. “So, most of it is up to the triangle of Baghdad – Arbil – Ankara and in view of the developments in the region, including the situation in Syria, the interactions of these relations can amaze the Kurds and the investors there.” Abdullah Sabri

Source: aknews