Gulf Oil and Gas accountACCOUNT

KGR Puts PSC Contracts into Public Domain

Source: 9/20/2011, Location: Middle East

Erbil, Kurdistan Region, Iraq - As part of the Kurdistan Regional Government’s ongoing transparency initiative, the Ministry of Natural Resources is putting all signed production sharing contracts (PSCs) for oil and gas in the Kurdistan Region into the public domain. The move, announced by Minister of Natural Resources Ashti Hawrami, means that the PSCs.

Dr Hawrami said, “The Kurdistan Region Oil and Gas Council, headed by Prime Minister Barham Salih, has decided to take the next step in implementing our policy of transparency and commitment to freedom of information in Kurdistan’s oil and gas sector, in line with the Region’s oil and gas law of 2007.”

The fresh release of documents follows the previous publication of the PSCs for the producing oil fields at Tawke and Taq Taq. Dr Hawrami said that the originals of all PSC contracts have been submitted to the Energy Committee of the Kurdistan Parliament.

“These contracts have put the Kurdistan Region of Iraq firmly on the global energy map, and have helped to internationalize the economy here after years of enforced isolation,” Dr Hawrami said. “As a result, we now know that the Region has potential reserves of 45 billion barrels of oil and 3-6 trillion cubic meters of gas. We are exporting oil from the Region for the first time, with export capacity reaching 200,000 barrels per day by the end of the year.”

Dr Hawrami added, “Our citizens can see that these contracts have provided the right balance between risk and reward, attracting world class international oil companies from 18 different countries. Billions of dollars of inward investment have come to Kurdistan as a result; thousands of jobs have been created; the provision of electricity has vastly improved; and the exploration and discovery process has resulted in discoveries of oil and gas that will continue to benefit the people of Kurdistan and Iraq for decades to come.”

Acquisitions and Divestitures News in Iraq >>

Russia >>  7/22/2019 - PAO NOVATEK announced the closing of the sale of participation interests in Arctic LNG 2 Project (“Project”) to wholly owned subsidiary of China Nati...
Brazil >>  7/19/2019 - Petrobras informs that the company Trident Energy presented the best final offer in a competitive process for the acquisition of the totality of the c...

Colombia >>  7/19/2019 - Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announces that following the receipt of interest in the Compan...
Russia >>  7/19/2019 - Gazprom Neft and SIBUR have consolidated 100 percent of the charter capital in the Poliom LLC polypropylene plant in Omsk, with the Gazprom Neft—SIBUR...

Brazil >>  7/18/2019 - Ecopetrol S.A. reports that the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.