KRG promises September payments to IOCs
The Kurdistan Regional Council for Oil & Gas Affairs expects the first tranche of regular payments to be made available to IOCs in the first half of September 2015
One such, Norway’s DNO, calculates it is owed $947m. According to a statement by the natural resources ministry, the council has approved the allocation of $75m-$100m of the revenue from the KRG’s direct crude oil sales as payment on account to the exporting IOCs, to be distributed in broad proportion to the companies contributions. The statement said also that: “It is further recognized that with the steep fall in the price of oil, it is difficult for the international oil companies to sustain oil export at current levels without receiving some of their financial dues on a predictable basis. Regular payments will allow the exporting companies to cover their ongoing expenses and plan for fu
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
