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A Worrying Sign For Oil Companies In Iraqi Kurdistan

Oil

Politics, Geopolitics & Conflict

In the Kurdistan Region of Iraq (Iraqi Kurdistan), those remaining oil companies who have unilateral E&P deals with the Kurdistan Regional Government should be very concerned after Baghdad moved this week to invalidate three contracts between the KRG authorities and Gulf Keystone (UK-based), ShaMaran (Canadian), and Addax Petroleum (owned by Chinese Sinopec). As for UAE-based Dana Gas, the jury is still out. While Iraqi media initially reported that Dana Gas’ contract had also been invalidated by Baghdad, corrections soon emerged, noting that no decision had been rendered in Dana’s case. No sooner did the correction appear than Dana Gas was all over local media broadcasting ambitious plans to double natural gas production in the KRG. Gazprom Neft is also awaiting a decision. While an ongoing cause for concern among investors in this venue, so far, the KRG has simply ignored Baghdad’s court rulings and continued with business as usual.

The formation of Iraq’s new government led by Prime Minister-designate Muhammad Al-Sudani was originally met with protests and a delayed parliamentary session Thursday to vote on granting the new government confidence. Late on Thursday, the new government was approved, ending a year-long deadlock. A majority of the 253 lawmakers voted to appoint 21 ministers, leaving only two posts undecided.

Chaos has continued to spread in Iran this week, with two Revolutionary…





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