Monday, September 10, 2007


Texas oil company signs agreement with KRG

Oil, Kurdistan
(Associated Press) - Texas' Hunt Oil Co. and Kurdistan's regional government said Saturday they've signed a production-sharing contract for petroleum exploration in northern Iraq, the first such deal since the Kurds passed their own oil and gas law in August. A Hunt subsidiary, Hunt Oil Co. of the Kurdistan Region, will begin geological survey and seismic work by the end of 2007 and hopes to drill an exploration well in 2008, the parties said in a news release. Terms of the deal were not disclosed.
Hunt is a privately held independent oil company based in Dallas. A third partner, Impulse Energy Corp., also has a stake in the project. "We're very pleased to have the opportunity to be a part of these landmark events by actively participating in the establishment of the petroleum industry," Ray L. Hunt, Hunt's CEO, said in a statement. Revenue will be shared by the KRG throughout Iraq, consistent with the Iraq constitution and the Kurds' new petroleum law, issued by the Kurdistan National Assembly early last month.
Despite Iraq's vast oil reserves, major international companies have sat on the sidelines, not only for security reasons but because of the absence of legislation governing the industry and offering protection for investments. A draft oil law for all of Iraq has been bogged down for months, in part because of disputes over who will control the proceeds.
In August, however, the Kurdish self-governing region in northern Iraq enacted its own law governing foreign oil investments. The move angered the central government in Baghdad, but the Kurds are determined to push ahead with oil exploration.
IEC representative, Mr. Mathew Heysel, added, "We are pleased to partner with Hunt Oil on this important project to develop the oil and gas resources in the Kurdistan Region." Hunt Oil Company of the Kurdistan Region is a wholly-owned affiliate of the Hunt Oil Company, Dallas, Texas, USA which is a part of the Hunt family of companies directed by Ray L. Hunt. Hunt Oil Company is one of the largest privately held independent oil companies and conducts a variety of petroleum related operations in several regions of the world, including a liquefied natural gas (LNG) project in Peru which is considered the largest project ever built in that country. In addition to oil and gas interests, the Hunt family of companies is engaged in real estate; private investments; refining; electrical power, ranching and farming interests.
Impulse Energy Corporation is a private company that invests in the energy sector in developing economies targeting oil, gas, and power.

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