Kurdistan Oil On The Ropes But Still Standing

The KRG is down, but not yet out. Despite its oil revenues being slashed by the loss of Kirkuk, it is continuing to make steady progress in developing its oil and gas sector. Can it maintain this newfound momentum?

The past week has brought a number of notable developments for the oil and gas sector in Iraqi Kurdistan with the release of independently audited results, a major oil sales agreement for the Shaikan field and a return to exploration by US major Chevron.

Six months ago these developments would have been perceived as evidence that the sector was ready to take the next major step forward. But then the region’s chances of economic self-sufficiency were dramatically reduced by the tough backlash from Baghdad to the KRG’s September independence referendum – Baghdad re-took the key Kirkuk fields ( MEES, 19 January ) and has frozen the KRG out of 2018 budget payments. (CONTINUED - 1495 WORDS)

DATA INSIDE THIS ARTICLE

chart KRG Gross Crude Export Revenue ($Mn)* Slumps To Lowest Since 1q 2016 After Loss Of Kirkuk Fields