Iraq underutilizes vast oil reserves: Former oil minister
Kirkuk oil deal to boost local economy: BP
KRG slams Iraq for retracting amendment seeking resumption of Kurdish oil exports
US firms seek investment Kurdistan Region, urge oil export resolution: Expert
Oil producers welcome proposal to facilitate Kurdish oil exports
A+ A-
ERBIL, Kurdistan Region - Iraq sits atop vast oil reserves but fails to fully exploit them, a former oil minister said Wednesday, criticizing the country's energy policies and OPEC-imposed restrictions.
'We have 520 geological oil patches in the country, but so far the utilized patches are 73 only," Abduljabbar al-Luaibi said during a panel at the Iraq Development Platform conference in Baghdad.
'Iraq as you know… is situated on lakes of oil, but it does not make a difference,' he emphasized.
Iraq, OPEC's second-largest oil producer after Saudi Arabia, has been cutting crude exports to comply with its OPEC+ quota. In December, the country sold 3.259 million barrels per day, reaching its lowest annual average sales since 2015, according to Iraq Oil Report.
Luaibi said the restrictions imposed by OPEC could be addressed, adding, 'Considering that the country is our country and we are free to do whatever we want with it.'
He said that while renewable energy has gained importance, 'the oil situation has remained central to energy priorities.'
'This industry requires a total revision, a revision from the government, a revision from the parliament, and a revision from experts… to manage this big dossier… you need planning,' the former minister said.
He added that the oil industry's bureaucratic and administrative landscape has remained 'in the same situation' for decades.
Iraq's oil ministry comprises 16 companies. The North Oil Company oversees four fields in the oil-rich Kirkuk province, which is set to be redeveloped by British energy giant BP.
The deal was signed earlier this month during a visit to London by a delegation led by Iraqi Prime Minister Mohammed Shia' al-Sudani.
On Tuesday, Zaid Elyaseri, head of BP in Iraq, said the company might finalize the deal with Baghdad at the start of February, adding that the project could 'stimulate the local economy by working with local companies and providing job opportunities.'
He added that BP is 'committed to working with the existing cadres in the North Oil Company.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rudaw Net
6 hours ago
- Rudaw Net
Government response to Diyarbakir wildfire ‘insufficient,' says pro-Kurdish party
Also in Turkey Istanbul district mayor arrested on corruption charges Ankara-PKK talks a chance to avoid past mistakes: DEM Party Magnitude 6.1 earthquake hits northwestern Turkey, no fatalities reported Ankara-PKK peace process to finish by end of 2025: Bahceli A+ A- ERBIL, Kurdistan Region - The government's response to a fire that has raged across several villages in the predominantly Kurdish province of Diyarbakir (Amed) in southeast Turkey is 'insufficient,' a pro-Kurdish party said on Friday, calling for the deployment of helicopters. The fire has been burning since 10 am and is threatening several villages, according to Abdulselam Akinci, Rudaw's reporter on the ground. The rugged terrain and winds have made it difficult for firefighters to bring it under control. Diyarbakir municipality said their teams were trying to put out the blaze, but that the terrain and conditions have made it "impossible" to intervene. The local government is led by the pro-Kurdish Peoples' Equality and Democracy Party (DEM Party), which said in a statement that the fire is growing fast and the ground intervention has proven 'insufficient.' The party called on the government to "immediately" deploy helicopters. 'Silence is unacceptable while our forests, agricultural lands, and villages are burning. This negligence is costing the lives, nature, and livelihoods of the people!' it said. The fire spread to the neighboring Adiyaman (Semsur) province but local authorities there said they had been able to bring it under control. No casualties have been reported. Turkey has recently faced a series of devastating wildfires, driven by record-breaking heatwaves and strong winds. The blazes have forced mass evacuations and resulted in multiple casualties.
Rudaw Net
8 hours ago
- Rudaw Net
PUK, Arabs disagree on rotating Kirkuk governorship
Also in Iraq Conditions at Makhmour camp not eased despite PKK peace talks, say residents Kurds underrepresented in Kirkuk institutions despite half the population: MP Iraq drew over $100 billion foreign investment in two years: PM US senator warns PMF bill grants Iran 'backdoor' into Iraq A+ A- ERBIL, Kurdistan Region - The tenure of Kirkuk's Kurdish governor will expire at the end of this year, a senior member of one of Iraq's main Sunni parties said on Friday as debate heats up about whether or not governorship of the disputed province will rotate between Kurdish and Arab factions. The 'term of Mr. Rebwar Taha, the governor of Kirkuk from the [Patriotic Union of Kurdistan PUK] party, ends on the night of December 31, 2025,' Mohammed al-Jabouri, Iraq's planning minister and member of the Taqadum party, said in a Facebook post. Jabouri said this deal on Kirkuk's governance reached last summer stipulates that key posts will rotate between the province's components. A member of the PUK has denied that such a provision exists. The debate began when Taqadum leader Mohammed al-Halbousi visited Kirkuk earlier this week for a rally ahead of Iraq's November parliamentary election. He told supporters that their agreement with the PUK includes a provision that the post of governor will be shared. Ahmed Kirkuki, a PUK member in the provincial council, denied that there is such an agreement. 'Mohammed al-Halbousi's visit to Kirkuk was for the purpose of an electoral campaign. Due to public pressure, he mentioned that they have an agreement with the Patriotic Union of Kurdistan to hand over the position of Kirkuk governor to an Arab after two years. Otherwise, there is no evidence that such an agreement has been made,' Kirkuki told Rudaw on Thursday. He declined to discuss the contents of their governance deal. Two members of the Kirkuk provincial council from Halbousi's party censured Kirkuki's comments on Friday. Dhaher al-Assi and Raad Salih said in a joint statement that their agreement with the PUK includes rotating the post of governor between Kurds, Arabs and Turkmens and that Kirkuki himself is one of the signatories of the deal. They urged all the signing parties and guarantors to 'uphold their responsibilities towards the people' and called on the PUK to clarify if Kirkuki's remarks represent the party's stance on the matter. Kirkuk is an ethnically diverse province. Representation of its Kurdish, Arab, and Turkmen populations in government is a frequent source of disagreement. Taha was controversially appointed governor in a meeting held in Baghdad in August last year after months of talks. Nine council members attended - five from the PUK, three Arabs, and the Christian quota member. Salih and Assi were part of the coalition that made the agreement. The KDP, Turkmen Front, and Sunni Arab Alliance boycotted the session, calling it illegal and later challenging it in court, though the judiciary upheld the appointment. Salih and Assi announced their withdrawal from the coalition with the PUK in May, saying key terms of the deal had not been implemented.
Rudaw Net
11 hours ago
- Rudaw Net
Conditions at Makhmour camp not eased despite PKK peace talks, say residents
Also in Iraq Kurds underrepresented in Kirkuk institutions despite half the population: MP Iraq drew over $100 billion foreign investment in two years: PM US senator warns PMF bill grants Iran 'backdoor' into Iraq Iraq-Iran new security deal updates 2023 agreement: Security advisor A+ A- ERBIL, Kurdistan Region - Residents of a camp in northern Iraq housing Kurdish refugees from Turkey say difficult conditions in the camp have not eased despite peace talks between Ankara and the Kurdistan Workers' Party (PKK). 'Iraqi forces don't even allow workers and patients to go to Iraqi provinces,' a camp resident told Rudaw, requesting anonymity due to safety concerns. Makhmour camp, located southwest of Erbil and administered by Nineveh province, is home to approximately 10,000 Kurdish refugees from southeastern Turkey. Most were displaced during Turkey's decades of conflict with the PKK. According to camp authorities, residents are currently barred from working, accessing hospitals, or enrolling in universities. Many have been unable to renew expired refugee documents, preventing them from passing through checkpoints. This restriction on their movements has led to a shortage of basic essentials in the camp, including medical supplies. In a message earlier in August, PKK founder Abdullah Ocalan said that progress in the peace talks would allow Makhmour camp residents to return home. Despite this hopeful news, residents say pressure on the camp has increased. 'After the message of leader Apo [Ocalan], we want the situation to calm down,' said another resident. Camp officials, however, told them 'a special war is being waged' to give them false hope, they added. A camp official, who also spoke on condition of anonymity, said that the policy for residents has not changed: 'The situation is unchanged. Evacuation is not on the agenda, and we don't want to say anything.' The Iraqi Ministry of Migration and Displacement has denied there are any restrictions on the movements of camp residents. 'They are officially registered with the Iraqi state and have no problems and are free to move to all provinces,' ministry spokesperson Ali Abbas told Rudaw last month. The camp has been caught in regional tensions for years. Turkey considers it a PKK stronghold, President Recep Tayyip Erdogan has labeled it an 'incubation center for terrorism.' The camp has been the target of Turkish airstrikes and drone attacks. The PKK, which has fought Turkey for decades, deployed fighters to protect the camp from Islamic State (ISIS) attacks in 2014 but said they withdrew in October 2023. On July 11, the PKK held a ceremonial disarmament in the Kurdistan Region. Thirty members and commanders burned their weapons, acting on Ocalan's call to abandon their armed struggle for a political solution to secure Kurdish rights in Turkey. A Turkish parliamentary commission has been formed to establish a legal framework for the peace process. Iraq banned the PKK last year under pressure from Ankara. Soran Hussein contributed to this article.
