Saturday, March 24, 2007
Kurdistan to increase the presence of foreign oil companies
Oil, Kurdistan
(AINA) - Iraqi Kurdistan wants to drastically increase the presence of foreign oil companies operating in the region by the end of the year. "We are in discussions with a number of other companies," Kurdish energy minister Ashti Hawrami told the Financial Times.
"It is more likely that the contractors will come (to Kurdistan) to start with and set up a base to hopefully then invest in the rest of Iraq. "Under the terms of a draft oil law expected to go before the Iraqi parliament in the next two months, Iraq's oil industry will be overseen by a Federal Oil Council and an independent national oil firm.
Revenue will be concentrated in a federal account, and redistributed to provinces on the basis of their populations, which would give the Kurds around 18 to 20 percent of the national cake. This represents a concession from the Kurdistan Regional Government, which wanted to retain revenues from newly-developed fields on its territory, but in return they have won the right to oversee development.
"It is more likely that the contractors will come (to Kurdistan) to start with and set up a base to hopefully then invest in the rest of Iraq. "Under the terms of a draft oil law expected to go before the Iraqi parliament in the next two months, Iraq's oil industry will be overseen by a Federal Oil Council and an independent national oil firm.
Revenue will be concentrated in a federal account, and redistributed to provinces on the basis of their populations, which would give the Kurds around 18 to 20 percent of the national cake. This represents a concession from the Kurdistan Regional Government, which wanted to retain revenues from newly-developed fields on its territory, but in return they have won the right to oversee development.
Labels: Ahdab oil field, Ashti Hawrami, foreign oil companies, Kurdistan
