RE: Baghdad28 Mar 2024 08:22
"It is considered the largest regional private sector upstream gas operation in Iraq with a current production rate of 106,000 barrels of oil equivalent per day (boepd).
Pearl Petroleum, a consortium comprising Middle Eastern companies Dana Gas (35%) and Crescent Petroleum (35%), and European firms OMV (10%), MOL (10%) and RWE (10%), holds production rights to the field."
Although it's not a 1:1 crossover to an Oil PSC, it clearly impacts the legitimacy of Oil & Gas production in Kurdistan regions of Iraq in general terms. Remind you, the main bear thesis out there are that all oil & gas contracts signed by the KRI is void null because of Baghdad. I would love seeing the arbitration in Paris when Baghdad signed buying gas from IOCs, that in turn had purchased the rights from KRI, in 2024 meanwhile arguing oil from another region is completely illegitime and state property.
Again, not a 1:1 comparison but works against the notion that Baghdad want's to confiscate all oil and gas properties in the Kurdistan region of Iraq.