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Kurdish oil exports to reach 200,000 bpd by end of year, says Minister
03/07/2011 21:10
Erbil, July 3 (AKnews) – The Kurdistan Regional Government’s (KRG) Minister of Natural Resources Ashti Hawrami said today that the region’s oil exports will reach 200,000 bpd by the end of the year.
“Kurdistan’s current export rate stands at 180,000 bpd but according to our plan at the ministry, by the end of the year, the output will reach 200,000 bpd,” Hawrami told AKnews.
Kuridstan’s oil exports stood at about 100,000 bpd in 2009 before flow was halted by disagreements between the KRG and the central government in Baghdad over contracts to develop the northern oilfields.
It was finally agreed in April that the KRG would export all the produced quantities from the region through the Iraqi export network and the revenues would go to the federal budget. In return, the government pledged to pay all the expenses and costs which were used to develop the oil field.
The oil started flowing once more from the Kurdistan region at the beginning of the year, and quickly surpassed the federal government’s initial estimations.
In December 2010, the former Iraqi Oil Minister, Hussain al-Shahristani, said that the region “could produce up to 150,000 bpd in 2011”.
There are currently 40 companies from 17 countries working in the Kurdish oil sector.
The KRG plans to boost the region’s output to around 1 million bpd over the coming years - a major contribution to Iraq's oil exports which provide the country with about 95 percent of its federal revenue.
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03/07/2011 21:10
Erbil, July 3 (AKnews) – The Kurdistan Regional Government’s (KRG) Minister of Natural Resources Ashti Hawrami said today that the region’s oil exports will reach 200,000 bpd by the end of the year.
“Kurdistan’s current export rate stands at 180,000 bpd but according to our plan at the ministry, by the end of the year, the output will reach 200,000 bpd,” Hawrami told AKnews.
Kuridstan’s oil exports stood at about 100,000 bpd in 2009 before flow was halted by disagreements between the KRG and the central government in Baghdad over contracts to develop the northern oilfields.
It was finally agreed in April that the KRG would export all the produced quantities from the region through the Iraqi export network and the revenues would go to the federal budget. In return, the government pledged to pay all the expenses and costs which were used to develop the oil field.
The oil started flowing once more from the Kurdistan region at the beginning of the year, and quickly surpassed the federal government’s initial estimations.
In December 2010, the former Iraqi Oil Minister, Hussain al-Shahristani, said that the region “could produce up to 150,000 bpd in 2011”.
There are currently 40 companies from 17 countries working in the Kurdish oil sector.
The KRG plans to boost the region’s output to around 1 million bpd over the coming years - a major contribution to Iraq's oil exports which provide the country with about 95 percent of its federal revenue.
[You must be registered and logged in to see this link.]
