KRG expected to resume oil export

11/27/2023 8:24:02 PM
 Oil Worker's Day-to-Day at an Oil Field in the Kurdistan Region of Iraq
The Iraqi Oil Ministry has confirmed that key oil companies are scheduled to convene with the KRG next month, with discussions centering on modifying existing oil contracts in a collaborative effort to facilitate the resumption of oil exports from the Kurdistan Region.

Bassem Mohammed, Iraqi Deputy Oil Minister, disclosed that the imminent meeting aims to address key aspects of the oil export resumption. He emphasized the expectation of reaching a consensus during the discussions, leading to a formal agreement for the recommencement of oil exports. Additionally, Mohammed underscored the companies' expressed interest in maintaining their operations within the Kurdistan Region.

He articulated, "The contracts under consideration must align with the framework established in the agreements signed with the UAE Crescent Company during the fifth phase of licensing." This statement emphasizes the importance of consistency and adherence to established precedents in fostering successful collaboration between the involved parties.

The anticipated meeting signals a pivotal moment in the ongoing negotiations between the KRG and oil companies, marking a proactive step toward revitalizing oil export activities in the Kurdistan Region. As the discussions unfold, stakeholders remain optimistic about the potential for a mutually beneficial agreement that will not only resume oil exports but also pave the way for sustained collaboration in the region.

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