Iraq’s Kurds will start exporting crude by pipeline “very soon” after the completion of a new link to the Turkish border by the end of September, the Kurdistan Regional Government Natural Resources Minister said.
Iraq’s government will start making payments to international oil companies working in the northern Kurdish region next week, said Ashti Hawrami, natural resources minister in the Kurdistan Regional Government.
Exxon Mobil Corp. is honoring its oil exploration contracts in the semi-autonomous Kurdistan region of northern Iraq, the Kurdish minister for natural resources said in disputing a report from Iraq’s government.
Iraq’s Kurdish region could export 250,000 barrels of oil a day this year and is “on track” with discoveries to ship 1 million barrels a day by 2015 and 2 million by 2019, its natural resources minister said.
Iraq’s Kurdish region will resume sending crude to Turkey by truck in about a week and is in talks with international companies to develop oil fields, even as the country’s central government branded such deals illegal.
The Iraqi government will pay foreign oil companies producing in the country’s northern Kurdish region under a deal reached to resume crude exports from the area, Oil Ministry spokesman Asim Jihad said.