Kamal Mohamad, the interim Natural Resources Minister of the Kurdistan Region, reassured stakeholders that the Region will facilitate amendments to oil contracts without obstruction. He also highlighted positive relations with the Iraqi Oil Ministry aimed at resolving issues related to Kurdish oil exports.
Speaking at a press conference on Monday, Mohamad noted that proposals from the Iraqi Oil Ministry to international oil companies have not met their expectations. He emphasized that the funds allocated by the Iraqi federal government for oil production in Kurdistan are significantly lower than the companies’ operational costs.
“We are committed to allowing adjustments to oil contracts, and there is a constructive dialogue with the Iraqi Oil Ministry,” he reiterated.
Iraqi Oil Minister Hayyan Abdul Ghani reported progress in negotiations with the Kurdistan Regional Government (KRG) and international oil companies on Sunday, June 9th.
On the same day, Umed Sabah, President of the Kurdistan Region’s Council of Ministers, who led the KRG delegation, shared on Facebook that discussions in Baghdad addressed various issues including government relations, company expenditures, oil exports, and production costs.
Oil exports from Kurdistan through the Iraq-Turkey pipeline ceased on March 23, 2023, following a ruling by a Paris arbitration court favoring Baghdad over Ankara’s handling of independent Kurdish oil exports since 2014.
Discussions have since continued involving Iraqi and Kurdish officials, international oil companies, and Turkish representatives, yet a resolution to resume Kurdish oil exports has not yet been reached.