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International Oil Company Contracts Holding up Iraq/Turkey Oil Flows

OIL

Crude exports from Iraq’s semi-autonomous Kurdistan region will continue to be held up over contract issues with international oil companies according to a person with knowledge of the situation talking with Argus.

  • "It is being said that the issue [of restarting crude exports] is between Baghdad and the KRG, and between Baghdad and Ankara. But all of that has a solution," the person said. The problem "only [lies] with the oil producing and trading companies."
  • KRG prime minister Masrour Barzani made similar remarks 21 November that the situation was dependent on IOC contracts.
  • Barzani has said Baghdad's offer to pay back the IOCs in Kurdistan is unreal. "They are introducing $6 for the cost of production for each barrel in Kurdistan," he said, adding that some wells in the northern region have production costs as high as $34/bl according to Argus reports.
  • Reuters reported Monday that Iraqi oil officials will meet representatives of international oil companies and Iraqi Kurdish officials in early December to discuss contract changes to resume exports from Iraq’s northern fields via the Turkish port of Ceyhan.
Energy BulletsCommodities
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