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Texas oil company signs deal with Kurdistan
government
9.9.2007
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September
9, 2007
HOUSTON,-- 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. |
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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.
Dr. Ashti Hawrami, the Kurdistan government's
minister of natural resources, , commented, "The
signing of this PSC by Hunt is evidence that the
KRG's enactment of a modern and balanced oil and gas
law has created a supportive and transparent
business environment which promotes investment by
international oil companies in our Region for the
benefit of all.
Revenues from this Kurdistan petroleum development
will be shared by the KRG throughout Iraq consistent
with the Iraq constitution and the new Oil and Gas
Law of the Kurdistan Region."
Mr. Ray L. Hunt, CEO of Hunt Oil Company in Dallas,
Texas, said, "We are very pleased to have the
opportunity to be a part of these landmark events by
actively participating in the establishment of the
petroleum industry in the Kurdistan Region of Iraq."
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.
AP | Hunt Oil Company
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