Economy

Foreign oil companies express readiness to resume oil exports

The Association of the Petroleum Industry of Kurdistan (APIKUR) on Tuesday said its members are ready to meet with Iraqi and Kurdish officials to discuss the resumption of oil exports.

Wladimir van Wilgenburg 2023/12/05 21:42

The Association of the Petroleum Industry of Kurdistan (APIKUR) welcomed discussions between Baghdad and Erbil on resuming oil exports (Photo: APIKUR/K24)

Kurdistan APIKUR Oil Exports

ERBIL (Kurdistan 24) – The Association of the Petroleum Industry of Kurdistan (APIKUR) on Tuesday said its members are ready to meet with Iraqi government and Kurdistan Regional Government (KRG) officials to discuss the resumption of oil exports.

APIKUR was founded in 2023 by international oil and gas companies active in the Kurdistan Region and include Genel Energy, Gulf Keystone Petroleum, Shamaran Petroleum, HKN Energy Ltd, DNO and Hunt Oil. Together, they contribute to approximately half of the oil production in the Region.

The export of Kurdish oil through the Iraq-Türkiye Pipeline has been halted since March 25 after Iraq claimed victory against Türkiye at a Paris-based international court for allowing the KRG to independently export its oil.

A delegation from Iraq’s Ministry of Oil, headed by Oil Minister Hayyan Abdul Ghani met with Kurdistan Region officials, including Kurdistan Region PM Masrour Barzani, on Nov. 12-13 in Erbil.

Moreover, the Turkish ambassador in Iraq on Nov. 17 told Kurdistan Region Prime Minister Masrour Barzani that his country is ready to resume the halted oil exports.

“APIKUR is aware of reports of recent meetings between officials from the Government of Iraq (GOI) and the Kurdistan Regional Government (KRG) and representatives of International Oil Companies (IOCs),” the APIKUR statement read.

However, the APIKUR member companies complained they have “neither been included in these meetings nor been invited to participate in any future meetings between the KRG and GOI.”

APIKUR member companies said they remain confident that their existing contracts are legally binding and enforceable.

“However, we believe concrete solutions can be implemented immediately that will satisfy all parties, protect the contractual rights of the IOCs and enable the resumption of oil exports from the Kurdistan Region of Iraq,” the statement continued.

Moreover, APIKUR said it remains ready to engage with all parties to progress these solutions for the benefit of all Iraqis.

“Sanctity of contracts and clearly defined methods of past and future payments are essential for the resumption of full oil production and export by APIKUR member companies,” said Myles B. Caggins III, APIKUR spokesman. “APIKUR members are ready to meet with GOI and KRG officials; continued delays only harm the economic livelihood of all Iraqis,” Caggins concluded.