We have over a decade’s experience of operating in the Kurdistan Region of Iraq.
The Kurdistan Region of Iraq is a vibrant, democratic society, with a population of just over five million people. Plentiful natural resources have provided the bedrock of the KRI’s development, and the Kurdistan Regional Government has a stated goal of developing these resources while maintaining democracy and economic progress along with a clean environment and wealth distribution.
The oil industry has developed rapidly in the KRI. The commencement of oil exports through the KRI-Turkey pipeline by the KRG in 2014 was a landmark event, and production rose from 75,000 bopd in 2011 to over 600,000 bopd by the end of 2015. With only partial production from Kirkuk, this figure was just short of 500,000 bopd in late 2019.
The Kurdistan Region of Iraq remains safe and secure. The rise of ISIS placed a significant strain on the KRI, as refugees and internally displaced people seeking sanctuary in the KRI boosted the population by 30%. The financial strain of this support, compounded with the fall in the oil price and the failure of Baghdad to make budgetary payments, left the KRG struggling to pay its salary obligations and recompense oil companies for their production.
Against this difficult backdrop, the Kurdistan Regional Government moved forward impressively with economic reforms, which reduced costs and increased revenues.
Coupled with ongoing increases in oil exports, this has helped the KRG to make monthly payments for oil exports since September 2015. The economic position of the KRG has improved significantly, and the relationship with Baghdad is also cooperative, with the Federal Government of Iraq making monthly budget payments to the KRG.
As a key player in the KRI natural resources industry, we aim to have a positive and sustainable impact on the region, powering economic growth and working in partnership to identify and meet community needs.
paid to IOCs in 2016
barrels - KRG exports in 2015