Gulf Oil and Gas accountACCOUNT

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.”

Production News in Iraq >>

Russia >>  2/17/2020 - Gazprom Neft is expanding its production and sale of MARPOL-compliant environmentally-friendly marine fuels — the company’s Omsk Refinery having been ...
Pakistan >>  2/13/2020 - Jura Energy Corporation is pleased to announce that, after successful testing and commissioning of production facilities, commercial production has co...

China >>  2/12/2020 - CNOOC Limited (the “Company”, SEHK, NYSE: CEO) announced that Bozhong 34-9 Oilfield has commenced production. ...
Norway >>  2/11/2020 - A new gas module that was recently put on stream on the Troll C platform will accelerate and boost production from Fram by substantial profitable volu...

Ukraine >>  2/10/2020 - Cadogan Petroleum plc, the London Stock Exchange listed independent oil and gas company, is pleased to provide the following operational update post y...
Argentina >>  2/5/2020 - Echo Energy, the Latin American focused upstream oil and gas company, provides an update on production from the Company's recentlyacquired 70% non-op...

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 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.