March 27, 2007

THE STAN TOO BUSY TO HATE (via Kevin Whited):

Kurdistan lines up production deals (Upstream, 3/25/07)

Iraq's Kurdish regional government expects to sign deals with at least 10 foreign oil companies by the end of the year, it said today, as it strives to increase output by 1 million barrels per day over five years.

Ashti Hawrami, Minister of Natural Resources in the semi-autonomous Kurdistan Regional Government, said five production-sharing agreements have already been signed with the details to be released in the next few weeks.

The companies involved include Norway's DNO, Turkey's Genel Enerji together with Addax Petroleum and Canada's Heritage Oil and Western Oil Sands.

"We are in discussions with a number of other companies and they are ready to come in," Hawrami told a briefing for potential investors in London, Reuters reported. "We are holding things back, not them."

Posted by Orrin Judd at March 27, 2007 7:40 PM
Comments

I recall reading an article about Iraqi Kurdistan about 5 years ago. It described Kurds sneaking into Iraq to sell injection molded plastic tools (scoops, etc.) they had manufactured under the protection of the no-fly zone. The anecdote sticks in my mind because it showed the Kurds were willing to go to the trouble of buying inputs and machinery, manufacturing a part and risking their lives to sell it. In contrast Saddam had the rest of Iraq engaged in extractive industries only (oil for food). Hope the big oil deal doesn't lead to a less diversified economy.

Posted by: JAB at March 27, 2007 9:28 PM
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