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Big Oil passes Kurdistan Government profit, waits
for Iraq
10.10.2007
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October
10, 2007
Erbil-Hewler, Kurdistan region 'Iraq',
Iraq's Kurdistan government is courting
international oil majors with up to 25 percent of
production-sharing profits, but many are still
waiting for Baghdad.
The Kurdistan Regional Government has made headway
with smaller, foreign firms, including two new and
controversial deals inked last week.
But with little of Iraq's massive proven reserves
inside its semiautonomous territory in Kurdistan in
the north, the majors appear to want to wait for
Baghdad to issue investment regulations. The fear is
by dealing with Baghdad's new oil arch rival in
Erbil, they'll be blacklisted from any future oil
deals in the rest of Iraq.
Forbes.com reports the KRG has offered between 20
percent and 25 percent of the profits from
production-sharing contracts -- a larger take than
the 15 percent given to Heritage Energy Middle East
Ltd., a subsidiary of the Canadian firm Heritage Oil
and Gas, and Perenco Kurdistan Ltd., a subsidiary of
Perenco S.A. of France, which signed PSCs last week. |
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The KRG also signed a deal with Hunt Oil, a
Dallas-based firm, last month.
But the majors are staying out.
"Like any other company, we would like to go into
Iraq," a StatoilHydro spokesman told Forbes.com. "We
must have a national framework. Then we could go
into Kurdistan."
UPI
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