Industrialized Cyclist Notepad


Exxon, Chevron, Total, Statoil Stoke Fires in Kurdistan as Tony Hayward Waits for Pipe

The Kurdish region plans to increase output to 2 million barrels a day by 2019, Michael Howard, an adviser to Kurdistan Natural Resources Minister Ashti Hawrami, said in a June 10 phone interview. It has signed energy agreements with about 50 companies and plans to increase output to 1 million barrels a day by 2015 from about 300,000 barrels a day now, he said.

Kurdish authorities recognize production-sharing agreements, which give investors a share of any oil they may produce, whereas Iraq’s Oil Ministry offers only fee-based service contracts. This has attracted interest from investors such as Norway’s Statoil ASA (STL) that are unhappy with the central government’s contract terms for exploration and production.

Exxon Mobil Corp., Chevron Corp. and Total SA (FP) are flouting warnings by the government against seeking separate deals with the Kurds, whom Iraq’s Oil Ministry accuses of “smuggling” oil from the country.

via Tony Hayward Loads Trucks With Kurdish Oil Awaiting Pipe: Energy – Bloomberg.

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