We are using our natural resources lawfully and prudently, and the KRG will continue to pursue sustainable development at home and mutually beneficial trade relations abroad which will benefit all Iraq’s people.
We believe that oil policies should be based on cooperation and coordination, not confrontation.
The Kurdistan Region is now firmly a part of the regional and indeed global energy equation.
The estimated 45 billion barrels of oil reserves and 3 trillion cubic metres of gas are significant.
Here I would like to thank in my name and on behalf of the KRG all the oil and gas companies that are working in the Kurdistan Region who with full confidence have come here and invested with their own capital to search and explore for oil.
Their presence here as well as the contracts signed with them are legal and in adherence to the constitution. Here I would like to thank Dr. Ashti Hawrami, the Minister of Natural Resources, and support him because of the pivotal role that he has played in advancing the oil and gas policies in the Kurdistan Region.
Our economic policies in the Kurdistan Region have been the key factor in accomplishing these many discoveries, and our achievements here in the oil and gas sector should be embraced by all Iraqis.
As a result of the rapid progress in the last five years, hundreds of millions of much-needed reconstruction dollars have flowed into Iraq’s federal treasury. We hope that Iraq will use this money for construction and development.
Next year, we anticipate being able to export on average at least 250,000 barrels of oil per day. The Kurdistan Region’s oil production stands to generate more than $8 billion for Iraq’s treasury.
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