Oil Exports from the Kurdistan Region Halted

Source: www.gulfoilandgas.com 4/1/2012, Location: Middle East

The export of oil from the Kurdistan Region of Iraq has been stopped from because the federal government in Baghdad has not honoured its payment commitments, the Ministry of Natural Resources (MNR) said.“After consultation with the producing companies, the Ministry has reluctantly decided to halt exports until further notice. There have been no payments for 10 months, nor any indication from federal authorities that payments are forthcoming,” the MNR said.

It added, “We hope that this is a temporary measure and that those in the federal government responsible for non-payment will quickly realize that their failure to adhere to their agreements is not in the interests of the Iraqi people.” No payment has been received since May 2011.

“Once this unfortunate non-payment situation has been satisfactorily resolved we will do our utmost to increase exports above the target of 175,000 barrels per day included in the 2012 Iraq budget," the Ministry said. “From now on, production will be diverted to the local market for processing and refining to generate an alternative source of cash flow for the producing companies.”


Ghana >>  1/26/2022 - Tullow Oil plc (Tullow) issues this update and guidance in advance of the Group's 2021 Full Year Results scheduled for 9 March 2022. The information c...
Norway >>  1/26/2022 - Neptune Energy announced that production from its operated Gjoa platform in the Norwegian North Sea increased by two million barrels of oil equivalent...

Tanzania >>  1/26/2022 - Wentworth Resources plc, the independent, Tanzania -focused natural gas production company, is pleased to announce an operational update and its produ...
Guyana >>  1/25/2022 - Hess Corporation (HES) announced a 2022 Exploration & Production capital and exploratory budget of $2.6 billion, of which approximately 80% will be al...

Trinidad and Tobago >>  1/25/2022 - Trinity Exploration & Production plc (TRIN), the independent E&P company focused on Trinidad and Tobago, provides an update on its operations for the ...
Iraq >>  1/24/2022 - Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq , today provides an operational and corporate update.
<...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.