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* Skorea’s SK Innovatoin participates in 4th round of OIl & Gas licensing after seling shares in Kurdistan
February 10th, 2012 02:22 pm · Posted in NEWS (Iraq & World Currency)
09/02/2012 18:48 BAGHDAD, Fab. 9 (AKnews) – Iraq’s Oil Ministry said Thursday that it has allowed South Korea’s SK Innovation CO. to participate in the fourth round of oil and gas licensing after it has sold its shares in the oilfields in Kurdistan Region to the South Koren National Oil Company.
Baghdad banned in May last year the companies who signed contracts with the Kurdistan Regional government (KRG) to explore and develop the oil fields in the region from participation in the 4th round of oil and gas licensing on grounds that the KRG oil contracts were not legal because the Iraqi Oil Ministry was the sole authority to sign such contracts with the foreign energy companies.
SK Innovation had shares in the Kurdistan Region’s Bazyan oilfield, in Sulaimaniyah governorate. The company signed a contract with the KRG authorities in 2007 to drill oil.
Kurdistan Region now produces about 200,000 bpd and is planning to increase output to 1 million bpd in the coming years.
By Abdullah Sabri
RY/AKnews
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February 10th, 2012 02:22 pm · Posted in NEWS (Iraq & World Currency)
09/02/2012 18:48 BAGHDAD, Fab. 9 (AKnews) – Iraq’s Oil Ministry said Thursday that it has allowed South Korea’s SK Innovation CO. to participate in the fourth round of oil and gas licensing after it has sold its shares in the oilfields in Kurdistan Region to the South Koren National Oil Company.
Baghdad banned in May last year the companies who signed contracts with the Kurdistan Regional government (KRG) to explore and develop the oil fields in the region from participation in the 4th round of oil and gas licensing on grounds that the KRG oil contracts were not legal because the Iraqi Oil Ministry was the sole authority to sign such contracts with the foreign energy companies.
SK Innovation had shares in the Kurdistan Region’s Bazyan oilfield, in Sulaimaniyah governorate. The company signed a contract with the KRG authorities in 2007 to drill oil.
Kurdistan Region now produces about 200,000 bpd and is planning to increase output to 1 million bpd in the coming years.
By Abdullah Sabri
RY/AKnews
[You must be registered and logged in to see this link.]
