Kurdistan accounts for 43.7 billion barrels of proven oil reserves, 25.5 billion more barrels of unproven reserves and between 3 and 6 trillion cubic meters of gas (30% of Iraq's proven oil reserves). If Kurdistan were a country, the amount of oil and gas reserves would place it among the top 10 oil rich countries in the world.
Recently, Iraq's Kurdistan has been one of the hottest spots for the global oil and gas industry. The size of the oil market has lured many iconic oil and gas personalities including Tony Hayward, the former chairman of BP, and has attracted over US$10bn in investments from foreign oil companies, according to the Financial Times.
At first the Kurdistan region attracted smaller regional oil and gas players, but recently industry heavyweights like Exxon Mobil, Chevron and Total has been making deals with the Kurdistan Regional Government.
Ronald Flynn the founder of Black Diamond said:
“I believe we are in good company with heavyweights like Exon mobile, chevron, and Total working very close to where our refinery is in Erbil Kurdistan. Moreover I am confident we will be able to continue refining crude oil into gasoline for a long time. "
(Source: Black Diamond)