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Azzaman, February 11, 2012
A South Korean firm is reported to have given up working on an oil field in northern Iraq.
A statement by the Oil Ministry said the firm, which it did not name sold its share in the field in the hope of taking part in developing oil fields in other parts of the country.
The ministry has said it will ban any foreign firm from working in Iraq it if found it had struck an oil development deal with Kurdish authorities.
The Kurds have signed several deals with foreign oil firms. Their region – comprising the provinces of Arbil, Dahouk and Sulaimaniya – is said to be capable of producing up to 200,000 barrels a day.
The ministry says development of natural resources, including oil, is a prerogative of the central government in Baghdad and adds that Kurdish deals with foreign oil investors are void and null.
The Kurds dispute the ministry’s stand, saying the constitution grants them the right to sign such deals.
Previously, the ministry reported other foreign firms to have abandoned their operations in the Kurdish north in the hope of not missing out on lucrative deals in the central and southern parts of Iraq where gigantic oil fields remain undeveloped.
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A South Korean firm is reported to have given up working on an oil field in northern Iraq.
A statement by the Oil Ministry said the firm, which it did not name sold its share in the field in the hope of taking part in developing oil fields in other parts of the country.
The ministry has said it will ban any foreign firm from working in Iraq it if found it had struck an oil development deal with Kurdish authorities.
The Kurds have signed several deals with foreign oil firms. Their region – comprising the provinces of Arbil, Dahouk and Sulaimaniya – is said to be capable of producing up to 200,000 barrels a day.
The ministry says development of natural resources, including oil, is a prerogative of the central government in Baghdad and adds that Kurdish deals with foreign oil investors are void and null.
The Kurds dispute the ministry’s stand, saying the constitution grants them the right to sign such deals.
Previously, the ministry reported other foreign firms to have abandoned their operations in the Kurdish north in the hope of not missing out on lucrative deals in the central and southern parts of Iraq where gigantic oil fields remain undeveloped.
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