The Kurdistan Region’s Ministry of Natural Resources (MNR) has said it is investigating a senior official who may have given “confidential data for oil and gas blocks” to a London-based company.
In a statement, the MNR said that a London-based company is promoting itself to potential investors as a new upstream investment vehicle focussed on the Kurdistan Region.
The Company is circulating presentational material and information to prospective investors in which it states that its management team includes current executives of international oil companies (IOCs) active in the Kurdistan Region, and also a serving senior official in the Kurdistan Regional Government (KRG), who is now under investigation by MNR.
MNR is of the opinion that their involvement may have given rise to a serious conflict of interest with regard to the security of KRG confidential data for oil and gas blocks to which the KRG official and the IOC executives have had access as part of their duties.
MNR has written to the IOCs involved requesting they conduct an investigation into the alleged involvement of their executives and notify it as soon as possible about whether a conflict of interest has occurred and whether the KRG’s confidential data may have been used or disclosed to potential investors without the KRG’s consent.
The KRG says it normally welcomes new investors to its oil and gas sector, but that the laws of the Kurdistan Region are clear about the unauthorized use of confidential data and the involvement of government officials in private business.
"[The] MNR will not enter into any discussions with companies or potential investors that do not respect the KRG’s laws and regulation," it said.
(Source: KRG MNR)