By John Lee.
The Chairman of Genel Energy has said that the KRG will begin exporting natural gas to Turkey within two or three years.
Tony Hayward (pictured) told the Atlantic Council conference in Istanbul that 20 billion cubic metres will hit the Turkish market by 2020, with KRG Natural Resources Minister Ashti Hawrami saying that initial exports of 10 billion cubic metres should be realised over the next two or three years.
“Two years ago, I said the KRG would be a major oil exporter. Now I talk about something different as 150 billion cubic meters of gas has been found and a total of 5 trillion cubic meters of gas will be explored in the region. This amount can satisfy Turkey's gas requirement for 50 years.”
According to the report from BasNews, Turkey is heavily reliant on gas from Russia and Iran, and would welcome the option to take cheaper gas from the estimated 300 – 400 billion cubic metres of reserves held in the two Iraqi Kurdistan fields operated by Genel.