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Kurdistan Region of Iraq Overview

Kurdistan Region of Iraq

in figures

Oil Reserves45 billion barrels

Oil Production451,000 bopd

Gas Reserves5.7 tcm

Gas Production1.88 bcm

Kurdistan Region of Iraq: New Alliances

While oil and gas discoveries in what is now the Kurdistan Region of Iraq date back to the 1920s, it wasn’t until the first independents started arriving in the mid-2000s that the region’s hydrocarbons industry got off the ground. Under the guidance of the Kurdistan Regional Government (KRG), Ministry of Natural Resources and Minister Dr. Ashti Hawrami, the oil and gas industry in the Kurdistan Region was soon able to attract the world’s major international operators, starting with ExxonMobil in 2011, followed by Chevron, Gazprom and Total one year later.

From 2014 to 2016, oil and gas development was held back by the arrival of Islamic State, the drop in oil prices, provisions for internally displaced people and the cut-off of budget payments from Baghdad, which together put a strain on the KRG’s budget and its ability to pay oil companies. However, 2017 has seen a dramatic shift in the Kurdistan Region’s oil and gas prospects, chiefly driven by the entrance of oil giant Rosneft.

The Russian company has signed on to take operatorship of five blocks as well as the Kurdistan Crude Export Pipeline, pledging investments in the billions. This influx of funds has allowed the KRG to settle debts with IOCs, who in turn are ramping up development. Rosneft also plans a gas export pipeline to meet demand from an expected gas boom in the Kurdistan Region, and has signed a 20-year deal for crude purchases. Conflict with Baghdad resulting from September 2017’s independence referendum created uncertainty but the KRG has remained steadfast in its payments to operators and Rosneft has voiced unwavering determination to pursue its game-changing investments.

Genel buys Chevron KRI stakes
NEWS
Kurdistan Region of Iraq - January 21, 2019

Genel Energy has agreed to acquire stakes in two Kurdistan Region of Iraq blocks, the company announced on Monday.

Genel will…

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Genel to develop Kurdistan fields
NEWS
Kurdistan Region of Iraq - August 07, 2018

Genel Energy has outlined plans to develop the Bina Bawi and Miran fields in the Kurdistan Region of Iraq, the company announced…

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Peshkabir output up two-thirds: DNO
NEWS
Kurdistan Region of Iraq - July 17, 2018

Output from Peshkabir field in the Kurdistan Region of Iraq has increased by 67% to 25,000 bopd after the Peshkabir-4 well was…

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DNO adds new Kurdistan licence
NEWS
Kurdistan Region of Iraq - May 04, 2018

DNO has acquired the Baeshiqa licence in the Kurdistan Region of Iraq and will operate it with a 40% stake, international media…

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The Road to 1 Million Barrels Per Day Map

Kurdistan Region of Iraq maps

The Road to 1 Million Barrels Per Day

ALL MAPS
Pearl Petroleum in KRG gas sales deal
NEWS
Kurdistan Region of Iraq - March 21, 2018

Pearl Petroleum has struck a 10-year gas sales deal with the Kurdistan Regional Government (KRG), consortium partner Dana Gas…

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Chevron resumes Kurdistan drilling
NEWS
Kurdistan Region of Iraq - February 20, 2018

Chevron has resumed drilling activity at the Sarta 3 field in the Kurdistan Region of Iraq, the US company said on Monday.

In…

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Dana’s Kurdistan deal propels 2017 profits
NEWS
Kurdistan Region of Iraq - February 12, 2018

Dana Gas has reported a net profit of USD 83 million in 2017 following a net loss of USD 88 million in 2016, with the company’s billion-dollar settlement with the…

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DNO ups Kurdistan spending by 50%
NEWS
Kurdistan Region of Iraq - February 09, 2018

DNO will ramp up spending in the Kurdistan Region of Iraq by 50% in 2018, the Norwegian upstream company announced on Thursday.

The announcement came following more…

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Genel gives update on Kurdistan operations
NEWS
Kurdistan Region of Iraq - January 26, 2018

Genel Energy saw its oil and gas production drop by 7% in 2017 and anticipates a further decline in 2018 as it focuses resources on developing two gasfields in the…

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Chevron revives Kurdistan drilling
NEWS
Kurdistan Region of Iraq - January 17, 2018

Chevron will resume drilling operations at the Sarta block in the Kurdistan Region of Iraq.

The US company said in a statement on Tuesday that it would return staff…

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