Oil producers including Genel and Gulf Keystone Petroleum, have received initial payments for oil exports from the Kurdistan Regional Government (KRG), paving the way for more steady oil revenues for producers in Iraqi Kurdistan.
Iraqi Kurdistan and the central government in Baghdad are close to resolving a long-standing dispute over the sharing of oil revenues, said the president of Genel Energy, which operates in the region.
The Kurdistan Regional Govern
Direct exports of crude oil from Kurdistan to Turkey may reach 20,000 barrels per day (bpd) in a few weeks, the chief executive of Genel Energy said, in a sign that a trade that officials in Baghdad see as illegal is set to grow.
London-listed oil explorer Genel Energy announced deals that will help it to diversify into the Mediterranean and North Africa on Thursday, building on its strategy to expand outside its core region of Kurdistan.
UK-based oil explorer Heritage Oil said on Tuesday it had agreed to merge with Genel Energy International, a unit of Turkey's Cukurova Group, to create an oil producer focused on Iraqi Kurdistan worth around $5.5 billion.