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  • bluecheese4u bluecheese4u Jun 1, 2009 8:10 AM Flag

    Iraqi Kurdistan hopes will produce 1 mln bpd

    part two

    DNO International Managing Director Helge Eide told Reuters the production sharing deal with the Kurds was a standard one. Standard agreements usually give the authorities 70-90 percent of revenues, he added.
    That would make it unviable for the Kurds to pay the firms out of their 17 percent budget share of the total revenues.
    "The two companies have already signed contracts with the Iraqi Kurdistan region and according to our law they were reviewed," said Salih. "The review is ... final."
    Analysts say the companies are probably prepared for the fact that they may not get everything agreed in their contracts and may have to settle for less from Baghdad.
    The disagreements over oil contracts are part of a wider dispute between Baghdad and the KRG over land, power and massive oil reserves. U.S. officials see the disagreement as the greatest threat to Iraq's long term stability.
    But an urgent need for cash has forced both sides to come together and cooperate over a previously intractable standoff.
    Shahristani has been criticised in the Iraqi parliament for not increasing sluggish oil output, now running at 2.3-2.4 million bpd, below the level it was at before the 2003 U.S. invasion.
    While it sits on the world's third largest oil reserves, Iraq is struggling to turn around an industry in dire need of investment after decades of sanctions, neglect and war.
    Kurdish officials estimate there are oil reserves of at least 40-45 billion barrels of crude in the area now recognised as largely autonomous Kurdistan.

 
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