KRG craves 2022 stability
Having benefitted from improved oil prices and better relations with Baghdad in 2021, Erbil is looking for more of the same
Last year saw welcome stability for Iraqi Kurdistan’s oil sector as it recovered from Covid-related oil price volatility. While some of the thornier issues around oil sales persist, the Kurdistan Regional Government (KRG) benefitted from higher oil prices and regular payments from Baghdad, enabling it to clear a significant portion of its arrears to international operators for missed payments between November 2019 and February 2020. Despite this economic improvement, production levels were largely unchanged from 2021, at c.450,000-460,000bbl/d. But exploration and development efforts could bear fruit in 2022. In the view of Russian emerging markets-focused investment bank Renaissance Capital

Also in this section
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
11 July 2025
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
10 July 2025
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030