Turkey Joins Exxon in Kurdistan Oil Deal

By John Lee.

Turkish prime minister has said that state-owned Turkiye Petrolleri AO (TPAO) is has reached an agreement with the Kurdistan Regional Government (KRG) and ExxonMobil to carry out oil exploration in northern Iraq.

Tayyip Erdoğan (pictured) told reporters:

"Countries from various parts of the world are taking steps to explore and produce oil in different parts of Iraq, and then deliver it to world oil markets.

"There's nothing more normal, more natural than Turkey, which provides all kinds of support and aid to its next-door neighbor, to take a step that is based on mutual benefit."

An Ankara-based source told Hurriyet Daily News that TPAO will take equity stakes in a partnership with Exxon and KRG, and would become part of the production-sharing agreement.

Prime Minister Tayyip Erdoğan said that details would be clearer after his visit to the US - he is due to meet U.S. President Barack Obama on Thursday.

(Sources: Hurriyet Daily News, Reuters, Dow Jones)

One Response to Turkey Joins Exxon in Kurdistan Oil Deal

  1. Lorenzo 17th May 2013 at 07:13 #

    The current Iraqui oil policy is not working. Major oil companies shun Bagdad for a more investor friendly North of Iraq.
    The out-of-law oil policy of Baristani and al-Maliki towrds the KRG is a joke when 20 or 30 countries have their companies working in North of Iraq.
    What is next? An all-out trade war from Bagdad against USA, Russia, France, Spain, UK and other countries?
    There are great posssibilities when dealing with Turkey or a very large market closed to Iraq, the most cost effective oil and gas gateway to European markets
    and most important keeping the unity of Iraq via a federal government (so difficult to accept what the constitution is saying)!
    The current oil and gas policy of Sharistani and al-Maliki is not working. It needs a dire restructuring or remake.
    Or... is it better not to accept the facts and keep on useless political messaging to the outside world?