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KRG: Multi-Billion-Dollar Oil Pacts with U.S. Firms Will Boost Kurdistan’s Economy

“Our cooperation today is broader than the fight against terror,” PM Barzani said. “It’s about economic growth and a shared vision for peace and prosperity.”

https://www.kurdistan24.net/en/story/841366/krg-multi-billion-dollar-oil-pacts-with-us-firms-will-boost-kurdistans-economy

Baghdad’s reaction - AS EXPECTED 😍

The Iraqi oil ministry on Tuesday announced its "rejection" of the Kurdistan Region's Ministry of Natural Resources' contract with US firms over Sulaimani's oil fields, saying that the procedures "violate the decisions issued by the Federal Court of Cassation" - Statement

https://x.com/thenewregion/status/1924782805470310631

KRG Strikes $110 Billion Energy Deals, Bypasses Baghdad in Bold Power Play

Much now hinges on Baghdad’s reaction. The growing involvement of US actors raises the geopolitical stakes and maybe leveraged as a tool for diluting Shiite dominance in Iraq.

https://x.com/NatlContext/status/1924721756641587549

Zoom News. @zoomnewskrd. 2h

Valued at around $10 billion, the agreements are expected to play a key role in advancing the Kurdistan Region’s energy infrastructure and economic growth.

https://x.com/zoomnewskrd/status/1924538976297443485

ERBIL — US-based HKN Energy and ONEX Group have announced the formation of a new joint venture, Miran Energy, to develop the Miran Gas Field in the Kurdistan Region, following the signing of a binding term sheet with the Kurdistan Regional Government (KRG).

“This agreement marks a significant milestone not only for our companies, but for the energy future of the Region,” said Russell Freeman, CEO of HKN Energy. “Through Miran Energy, we are combining the strengths of HKN and ONEX to responsibly develop one of the region’s most strategic gas resources.”

https://www.basnews.com/en/babat/883991

Prime Minister Barzani is expected to attend an energy forum during his visit. A major highlight of the visit is the energy sector. The Kurdish leader will take part in a dedicated session at the forum in Washington, called “The Future of Energy and Power in the Kurdistan Region.” During the session, he will outline the Kurdistan Region’s energy strategy and emphasize opportunities for US investment and cooperation in this key industry.

https://www.basnews.com/en/babat/883899

“We cannot predict the exact date, but we are confident that swift action following the summit can lead to rapid progress,” Myles Caggins said.

ERBIL (Kurdistan24) – The Association of the Petroleum Industry of Kurdistan (APIKUR) is calling for urgent steps to reopen the Iraq-Turkey pipeline, identifying it as the top priority in ongoing talks with Baghdad and Erbil, according to spokesman Col. Myles B. Caggins III.

In an exclusive interview with Kurdistan 24, Caggins confirmed that negotiations are intensifying. “We are urging the Iraqi Minister of Oil to convene all parties immediately after the Arab Summit,” he said, stressing that resuming Kurdish oil exports would boost Iraq’s economy and fulfill the shared objectives of Prime Minister Masrour Barzani and Prime Minister Mohammed Shia al-Sudani.

https://www.kurdistan24.net/en/story/840476/apikur-pushes-for-immediate-action-on-kurdistan-oil-exports

..... But perhaps most notably, Zebari emphasized that Russia has served as a key mediator in the complex and politically fraught issue of Kurdish oil exports—an area historically marked by tensions between Erbil, Baghdad, and Ankara.

"In the export of oil from the Kurdistan Region, Russia has played a major role in mediation, which is important for both the Kurdistan Region and Türkiye," he said.

The comments come amid a renewed push by the KRG to stabilize and secure its oil export routes following months of disruption due to legal, political, and security challenges.

https://www.kurdistan24.net/en/story/839870/krg-official-notes-russian-role-in-oil-export-talks

Despite the Kurdistan Regional Government’s (KRG) directive to shut down all illegal oil refineries in Erbil, Zoom News has learned that only two of the city’s 138 refineries are legally licensed, while 78 remain in unlawful operation, continuing to worsen the city’s already deteriorating air quality. Erbil Mayor Nabaz Abdulhamid told Zoom News that 60 refineries have been shut down so far, and 30 individuals have been handed over for legal action.

https://x.com/zoomnewskrd/status/1920764592671604817

ERBIL — Turkish President Recep Tayyip Erdogan on Thursday called on Iraq to restart oil exports through the Ceyhan port and to strengthen ties with Syria, citing the need for deeper regional cooperation and stability.

Speaking at a joint press conference with Iraqi Prime Minister Mohammed Shia’ al-Sudani following a High-Level Strategic Cooperation Council meeting in Ankara, Erdogan confirmed that the two sides signed 11 memorandums of understanding in energy, infrastructure, education, industry, and security.

“We have worked together for decades, and I hope our cooperation will grow even stronger,” Erdogan said. “We view Iraq’s security as our own. A stable and secure Iraq is essential for Turkey’s national interests and for the broader region.”

A key focus of the talks was the resumption of oil exports through the Ceyhan port, which have been suspended since March 2023 due to a legal dispute between Baghdad and Erbil. The halt has caused economic strain on both countries.

“We are ready to facilitate the restart of oil exports through Ceyhan,” Erdogan said, urging Iraq to resolve outstanding legal and logistical hurdles.

https://www.basnews.com/en/babat/883070

Apparently, the KRG manages its multi-billion $ oil ops using Excel sheets. For some reason, its oil sector is running at a “deficit,” with expenses exceeding revenues - meaning that instead of generating profit, it has pushed the KRG into $10B of debt. Does that even make sense?

https://x.com/KurdistanWatch/status/1920212338050773474

KRG Oil Audit for Q2 2024 Reveals Deepening Fiscal Crisis: $50M Deficit, $9.25B in Debt

According to a new joint financial oversight report by Iraq and the KRG for the second quarter of 2024, companies operating in the KRG’s oilfields produced a total of 27,694,529 barrels of crude oil and condensates during the reporting period. This production generated $796 million in revenue, but expenses amounted to $846 million.

During the same period, despite the ongoing suspension of oil exports, the KRG paid $176.918 million in pipeline rental fees over three months, even though the pipeline was non-operational. Meanwhile, the region’s debit obligations have reached an alarming $9.25 billion.

https://x.com/NatlContext/status/1920091917175407085

Ali Hamasalih, head of the National Stance Movement (Halwest) and a member of the Kurdistan Parliament, has accused both Baghdad and Erbil of deliberately blocking the resumption of oil exports as Iraq faces a looming financial crisis due to expected declines in global oil prices.

He warned that the Kurdistan Region is under serious threat and that revenues from daily illegal oil sales, instead of reaching the government, are benefiting political figures and companies affiliated with ruling parties.

https://x.com/zoomnewskrd/status/1920030610791289098

Iraq is now facing a new wave of cash shortages driven by its dinarization policy—converting oil revenues into Iraqi dinars—a situation partially triggered by the increasing restrictions imposed by the U.S. Federal Reserve, where Iraq’s oil revenues are held.

https://x.com/NatlContext/status/1919692625600233899

ERBIL — The Association of the Petroleum Industry of Kurdistan (APIKUR) has pushed back against recent media claims suggesting a lack of progress in talks to resume oil exports from the Kurdistan Region and casting doubt on the legitimacy of contracts held by international oil companies (IOCs).

In a statement, APIKUR stressed that both the IOCs and the Kurdistan Regional Government (KRG) have jointly proposed a scope of work for an international consultant in accordance with Article 12 of Iraq’s amended Budget Law. This scope also respects the terms of existing IOC contracts, which are recognized as valid by both the KRG and the federal government of Iraq (GoI), APIKUR said.

“It is imperative for all parties to agree upon a scope of work which respects the rule of law and honors the sanctity of the IOC contracts,” the group stated, directly rejecting claims that Baghdad does not recognize these agreements or that the companies are withholding information.

APIKUR also took issue with suggestions that IOCs are demanding upfront payments or have been uncooperative in the negotiation process. The organization has repeatedly called for a transparent, legally compliant framework that would allow for a resumption of exports through the Iraq-Türkiye Pipeline, suspended since March 2023.

In previous comments, APIKUR emphasized that it had submitted a list of qualified, independent international firms to serve as the third-party consultant mandated under the federal budget law—underscoring its willingness to cooperate within legal bounds and under federal oversight.

https://www.basnews.com/en/babat/882760

BREAKING: APIKUR says international oil companies and the Kurdistan Regional Government (KRG) have proposed a scope of work for an international consultant in line with Article 12 of Iraq’s Budget Law and existing contracts. In a statement, it urges all parties, including the Iraqi government, to agree on terms that uphold the law and respect contracts recognized by both Baghdad and Erbil.

https://x.com/zoomnewskrd/status/1919403916598374703

The minister added that he had met with two oil export companies that have long worked with Iraq and had presented proposals. “I will be in contact with the Kurdistan Regional Government and the companies,” he said.

Hussein suggested that outstanding issues were close to resolution. “The problems that existed have been resolved. I think there will always be problems. We will try to resolve any problems regarding salaries,” he said.

https://www.basnews.com/en/babat/882372

Umed Sabah, President of the Diwan of the Council of Ministers, and Cabinet Secretary Amanj Raheem also shared updates from recent discussions involving the federal government, the KRG, and international oil companies.

https://www.kurdistan24.net/en/story/837937/krg-council-of-ministers-pushes-for-swift-resumption-of-oil-exports

BREAKING: The Kurdistan Region’s Council of Ministers calls on the Iraqi Ministry of Oil, the KRG Ministry of Natural Resources, and international oil companies to intensify cooperation and negotiations to urgently resume oil exports from the Region, emphasizing the need to prevent further financial losses to the public revenues.

https://x.com/zoomnewskrd/status/1917606595355373759

The Kurdistan Region’s Council of Ministers is currently in a session to discuss several key topics, including the resumption of the Kurdistan Region’s oil exports.

“In today’s Council of Ministers meeting, Prime Minister Masrour Barzani instructed the Kurdistan Regional Government's (KRG) team to cooperate in every way to resume Kurdistan’s oil exports, saying, 'as in the past we were not the reason for the suspension of oil exports, we will not be a factor in the future to halt the resumption of the oil exports and we will provide all the facilities towards that end',” KRG spokesperson Peshawa Hawramani told The New Region.

https://x.com/thenewregion/status/1917534381167763532