Iraq, Kurdistan to Agree Oil Revenue Deal by End 2011

Adnan Al Janabi, the chairman of Iraq's Oil and Energy Committee has said an agreement is likely to be reached in the second half of 2011with Kurdistan on revenues from crude oil exports, Reuters has reported.

"The Kurdish authorities requested it for June or July but I think we will miss it. I expect it later this calendar year," he said, adding that exports of crude oil from Kurdistan are now around 80,000 barrels per day (bpd) and could rise to 200,000 bpd by the end of 2011.

Oil exports from the semi-autonomous region resumed in February after a long stoppage, but the controversial issue of payment has still not been resolved.

The Kurdistan Regional Government (KRG) has signed around 40 production and exploration contracts with international oil companies.

The Chairman also said that he had submitted a new draft law to government for the creation of an Iraqi national oil company. This is seen as an important precursor to a hydrocarbon law, which will establish a formal legal framework.

"I have already tabled the draft law for the NOC in Baghdad ... I hope we will get it in weeks," he said.

(Source: Reuters)

One Response to Iraq, Kurdistan to Agree Oil Revenue Deal by End 2011

  1. Re da Caste 7th April 2011 at 14:21 #

    In don't understand this article- does this means the oil companies in Kurdistan will not get paid for the oil they export right now until the end of 2011??!! If this is the correct interpretation, I believe the oil companies should resume the export immediately!