RE: Oil and Gas Committee in the Iraqi Parliament:24 Jul 2024 18:59
• Given that the KRG oil contracts are confidential, and companies are reluctant to disclose them to the Iraqi government: Baghdad and the KRG have agreed to appoint an independent advisory body which will review the contracts, and the Iraqi Oil Ministry will make decisions based on their findings.
• Adnan Jabri, a committee member, told Al-Sabah newspaper: "An agreement has been reached to engage a third-party consultant between the Iraqi Oil Ministry and the KRG Ministry of Natural Resources to review recent contracts. This will serve as the basis for deciding and taking appropriate action regarding oil exports from Kurdistan."
• The Turkish side is prepared to resume oil exports through the port of Ceyhan. However, issues between Erbil and Baghdad remain unresolved, particularly concerning recent contracts not recognized by the Iraqi Oil Ministry.
• The KRG seeks a comprehensive resolution for all contracts, while the Oil Ministry prefers to address each contract individually. This is partly due to the high production costs in Kurdistan, which reach $26 per barrel, significantly higher than the $7 per barrel in Basra fields.