KRG PM Barzani’s Speech in Reichstag Building

My government is also urging friends to work closely with Germany and its EU partners to push for a European energy policy that recognizes the new realities of Central Asia and the Middle East.

Our message to Germany and Europe is this:

  • Kurdistan Region is the gateway to the rest of Iraq.
  • And the large reserves of oil and gas discovered in Kurdistan since 2007 can help Europe secure its future energy supplies.
  • With estimated reserves at 45 billion barrels of oil and 3-6 trillion cubic meters of gas, our federal region is pressing ahead.
  • Our sound investment policies since 2003, Iraq’s federal Constitution in 2005, and Kurdistan’s Oil and Gas Law of 2007 have underpinned our rapid growth.

From a standing start 6 years ago, Kurdistan’s oil and gas industry can now export 250,000 barrels of oil per day.

Next year, we anticipate being able to export on average at least 400,000 barrels of oil per day.

We are on track to export 1 million barrels per day by the end of 2015 and 2 million barrels per day by 2019 as expected new discoveries come on line.

As for gas,

Once our domestic needs have been met, the KRG can help to contribute to the long-term gas supply needs of Turkey and Europe, as a reliable partner for both.

We are currently in negotiations with our counterparts in Turkey, as well as international oil companies to export gas to Turkey and Europe.

All this means a large increase in revenues for Iraq as a whole.

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