The pipeline starts at the Taq Taq oilfield, running through the Khurmala field to the north at Duhok and via Fishkhabur along the Turkish border to Ceyhan. It has the capacity to export 1 million bpd by the end of 2015. The KRG is taking full responsibility for the oil pipeline transportation process to replace the current trucking of oil to Turkey, but is inviting the federal government and others to act as observers to the process.
Dr Hawrami told delegates that the Kurdistan Region is on course to becoming a net contributor to the federal budget and that the whole of Iraq would benefit from implementing the provisions of the federal constitution.
‘We would like to have Baghdad join the discussion with Turkey, because the dialogue and the good will are there and with the support of our friends from Turkey, things will move on,’ added Minister Hawrami.
With 45 billion of barrels of oil reserves 3-6 tcm of potential gas resources, the Kurdistan Region has been identified as one of the few remaining conventional oil and gas frontiers. Over the past few years, the region has become one of the most actively explored hydrocarbon regions of the world.
Dr Shaways, Iraq’s Deputy Prime Minister, emphasised that oil and gas revenues will enhance the living standards of all Iraqis. ‘The development of oil and gas will not only bring revenues but also stability and security for the country,’ he said.
Chair of the opening session Sir Jeremy Greenstock, former UK Ambassador to the UN and Chairman of Lambert Energy Advisory, said that, ‘The Kurdistan Region is moving into the consolidation phase. I congratulate Kurdistan on the progress it has made with Turkey and Turkey for the role it has played in this relationship.’
The first day of the conference also heard discussions on various aspects of the oil and gas industry with executives and experts as well as KRG officials participating. The conference continues tomorrow.