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Iraqi Kurdistan signs five more petroleum contracts
12.11.2007
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Kurdistan regional government KRG signs petroleum
contracts with affiliates and subsidiaries of TNK-BP,
Korea National Oil Corp, Hillwood, Sterling Energy,
Aspect Energy.
November 12, 2007
Erbil, Kurdistan Region, Iraq, -- The
Kurdistan regional government (KRG) in Iraq had
awarded five new petroleum production sharing
contracts to foreign firms, it announced on Monday.
The regional government in Iraq's semi-autonomous
Kurdistan said the deals were with affiliates and
subsidiaries of TNK- BP (BP.L: Quote, Profile ,
Research) (TNBPI.RTS: Quote, Profile , Research),
Korea National Oil Corp (KNOC), Hillwood, Sterling
Energy (SEY.L: Quote, Profile , Research) and Aspect
Energy.
"These five (contracts) are yet another clear
expression of confidence in the strength and
stability of the Kurdistan Region," Ashti Hawrami,
the KRG Minister for Natural Resources, said in a
statement. "And they (will) produce very
comprehensive returns for the people of Iraq." www.ekurd.net
All the deals give 15 percent of profits on any
commercial discoveries to the operators, with the
rest going to Iraq, the KRG
statement said. |
Iraqi Kurdistan signs five more petroleum contracts |
KRG : Following the unanimous decisions of
the Regional Oil and Gas Council (“the Council”) of
the Kurdistan Regional Government (KRG) at its
second and third meetings, Dr Ashti Hawrami, the KRG
Minister for Natural Resources, today announced that
the five production sharing contracts (PSCs)
previously approved by the Council have been signed
by the KRG with TNK-BP affiliate Norbest Limited,
with a Korean consortium headed by Korean
state-owned oil company KNOC, with Hillwood
International Energy company HKN Energy, and with
subsidiaries of UK-listed Sterling Energy LLC and
Denver- based Aspect Energy LLC.
“These five PSCs are yet another clear expression of
confidence in the strength and stability of the
Kurdistan Region,” said Dr Hawrami, “and they
produce very comprehensive returns for the people of
Iraq.”
The Council had approved these contracts at its
earlier meetings, with today’s announcement
following formal signing ceremonies in Erbil, the
capital of the Kurdistan Region, on Saturday 10
November and Monday 12 November.
Completed contracts
The Prime Minister of the Kurdistan Region,
Nechirvan Barzani, executed the five new PSCs on
behalf of the Council, together with Minister
Hawrami. .
Award of one PSC for four blocks comprising the
Hawler Contract Area (of 1,532 square kilometres) in
Erbil Governorate, to Norbest Limited, an affiliate
of TNK-BP. The Hawler Area comprises blocks
advertised in June as K11, K12, K14, K15, and is
considered to be a low to medium exploration risk
area.
Award of the Bazian Block (473 square kilometres) in
Sulaimani Governorate to KNOC Bazian Limited, owned
by the Korea National Oil Corporation, and Korean
private sector oil exploration and development
companies SK Energy Co Ltd, Daesung Industrial Co,
Ltd, Samchully Co Ltd, Bum-Ah Resource Development
Corp, UI Energy Corporation, GS Holdings Corp, and
Majuko Corporation. The Bazian Block is a relatively
low exploration risk area.
Award of the Sarsang Block (1,226 square kilometres)
in Duhok Governorate to HKN Energy Ltd, a Hillwood
International Energy company. The Sarsang Block is
considered to be a medium exploration risk area.
Award of the Sangaw North Block (492 square
kilometres) in Sulaimani Governorate to Sterling
Energy (International)
Limited, a wholly-owned subsidiary of Sterling
Energy LLC. The Sangaw North Block is considered to
be a low exploration
risk area.
Award of the Atrush Block (269 square kilometres) in
Sulaimani Governorate to General Exploration
Partners Inc, a wholly-owned subsidiary of Aspect
Energy LLC. The Atrush Block is considered to be a
low exploration risk area. www.ekurd.net
Kurdistan Region in the lead
After the signing ceremony today, Dr Hawrami said:
“In Kurdistan, we are setting an example: this is
the first post-Saddam framework for oil investment
in Iraq which follows the democratic, federal, and
free market principles mandated by the Iraq
Constitution. It is the first and the only
constitutionally based legal framework to attract
investments to Iraq, which is designed for Iraq-wide
revenue sharing, an essential element of future
stability in Iraq that the Constitution also rightly
mandates.”
“The KRG’s ambition now is for a similar
constitutional framework to be adopted in the rest
of Iraq. Without such a framework, investors cannot
have confidence in contracts issued by authorities
in other parts of Iraq,” he added.
Industry and media inquiries: spokesman(at)krg.org
krg org
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