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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 has 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.

Insights on these developments will be found in the sixth edition of The Oil & Gas Year Kurdistan Region of Iraq. For a comprehensive view of the Kurdistan Region’s market, see our business intelligence portal, TOGYiN which offers members boardroom access to 35 markets worldwide.

The Road to 1 Million Barrels Per Day Map

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Genel buys Chevron KRI stakes

Genel buys Chevron KRI stakes

January 21, 2019

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

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Diversity in Energy Summit News
Genel to develop Kurdistan fields
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 in its H1 results on Tuesday.

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Peshkabir output up two-thirds: DNO
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 put on production, operator DNO announced…

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DNO adds new Kurdistan licence
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 reported on Thursday.

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Pearl Petroleum in KRG gas sales deal
March 21, 2018

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

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Chevron resumes Kurdistan drilling
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.

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DNO ups Kurdistan spending by 50%
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.

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Chevron revives Kurdistan drilling
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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