Iraq Talks With Oil Firms Hit Snag, Delaying Kurdistan Exports
(Bloomberg) -- Iraq and oil companies operating in the country's semi-autonomous Kurdistan failed to reach an agreement during a meeting on Sunday meant to help restart crude oil exports from the northern region.
The talks, which were brought forward from Tuesday, hit a snag over the potential role of an international consultant to oversee contracts, costs and payments, according to people with direct knowledge of the situation who asked not to be identified because the discussions are private.
While the federal oil ministry is seeking a significant role for the consultant, the producers of the Association of the Petroleum Industry of Kurdistan are concerned this would give the adviser the right to manage contracts and profits in Baghdad's favor, they said.
The potential restart of the crude export pipeline after a halt of about two years following a payments dispute has weighed on oil prices. Iraq has pledged the country will remain within its overall OPEC+ quota despite the new supplies, but hasn't clarified how it will achieve that.
Oil Exports
Turkey has informed Iraq that the pipeline that runs to the Turkish port of Ceyhan on the Mediterranean sea has been inspected and is now ready to receive oil, Bassem Mohammed Khudair, Iraq's oil ministry undersecretary, said in an interview on Monday.
'We have fulfilled all our obligations and are waiting for the green light from the region to set a date for exporting oil according to what was agreed upon at a rate of 185,000 barrels a day, reaching the capacities agreed upon according to the federal budget,' Khudair said.
On Wednesday, a technical delegation from Iraq's state-run North Oil Co. and the country's oil marketing company SOMO, is due to visit the Ceyhan port to discuss some of the pending issues related to the pipeline, according to another official who asked not to be identified because they aren't authorized to speak to media.
While Iraq has repeatedly announced progress for the restart of the northern export pipeline, the group representing oil producers in the country's north have said they needed more clarity on compensation and that the contracts to resume exports aren't yet in place.
Apikur includes founding members DNO ASA, Genel Energy Plc, Gulf Keystone Petroleum Ltd., HKN Energy Ltd. and ShaMaran Petroleum Corp. and Hunt Oil Co. Other producers have since joined.
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