IRAQ | Oil & Gas Fields Drilling and Development

[BigDreamer]

Originally Posted by alankurdi

i also see shahristanis former policies as a failer , look now oil resumed from KRG and people cant say oh KRG is taking Basras money to rebuild its not like KRG didnt wanna send oil , cos shahristani called all the contracts it signed with the companies illegal !!! but the new oil minister is smart and knows his work and made the issue disappear in the favor of iraqi people in general and Kurdistan in particular. why make things more complicated if it can be fixed easily ? he should have remembered Kurdistan sheltered him when he was in need and should have returned the faver . oh well at least oil is now resumed and shahristani is gone for good , we can put all the issues behind and look to a brighter future.

I don't know who would say that, they wouldn't be very smart at all !..

I agree with you're last statement.. we should move on and look for a brighter future

[sheytanElKebir]

Originally Posted by alankurdi

i also see shahristanis former policies a failure , look now oil resumed from KRG and people cant say oh KRG is taking Basras money to rebuild , its not like KRG didnt wanna send oil in the 1st place , cos shahristani called all the contracts it signed with the companies illegal and didnt wanna pay for there expenses !!! but the new oil minister is smart and knows his work and made the issue disappear in the favor of iraqi people in general and Kurdistan in particular. why make things more complicated if it can be fixed easily ? he should have remembered Kurdistan sheltered him when he was in need and should have returned the faver . oh well at least oil is now resumed and shahristani is gone for good , we can put all the issues behind and look to a brighter future.


according to a deal in 2005 between Baghdad and KRG "oil fields that been discovered are to be centralized but newly discovered oil and gas will be controlled by the region where its found in". its not KRG's fault Baghdad retreated on the deal !!.

The problem has not "disappeared" all that's happened is Iraq ended up getting a raw deal and paying out compensation to the companies that invested in KRG.

Whilst I cannot comment on Shahristani's personal relationship/gratitude to KRG for sheltering him, he would be a thief if he expressed his gratitude to Kurdistan at the expense of the people of Iraq's income! He can express gratitude to kurdistan in whatever shape or form he wants on a personal level. But he cannot do so with MY MONEY!!

Shahristani is STILL IN CONTROL, in fact his controls have been widened. Its good that production has started from KRG (every penny counts) but we don't know exactly what price has been paid for the mistakes of KRG's "PSA contracts". In the end all of Iraq (including the citizens of Kurdistan) are paying to buy out the "opaque" contracts of Hawrami/Barzani from which ultimately nobody benefited but Hawrami/Barzani, and Iraq (including the KRG population!! Is picking up the tab for it!).

the last highlighted bit is interesting. Can you let us know where that is detailed!

[alankurdi]

[QUOTE=sheytanElKebir;71924937]The problem has not "disappeared" all that's happened is Iraq ended up getting a raw deal and paying out compensation to the companies that invested in KRG.

yes it has , the issue of oil resume has disappeared !!

Whilst I cannot comment on Shahristani's personal relationship/gratitude to KRG for sheltering him, he would be a thief if he expressed his gratitude to Kurdistan at the expense of the people of Iraq's income! He can express gratitude to kurdistan in whatever shape or form he wants on a personal level. But he cannot do so with MY MONEY!!

noone is asking him to use your MONEY you dont live in iraq so dunno what you quite mean. im not saying shahristani should pour more money into KRG , KRG doesnt need his money but i said for the favor the kurds did for him kurds didnt want anything in return but they also didnt want his opposed failed policy against our oil contracts.

Shahristani is STILL IN CONTROL, in fact his controls have been widened

.

if he was the oil of KRG wont be resuming i assure you 100% . he was taken of for a reason.

Its good that production has started from KRG (every penny counts) but we don't know exactly what price has been paid for the mistakes of KRG's "PSA contracts".

what mistake ? the mistake of shahristanis failed policy to ban oil companies exploring in the KRG ? yes i agree with you .

In the end all of Iraq (including the citizens of Kurdistan) are paying to buy out the "opaque" contracts of Hawrami/Barzani from which ultimately nobody benefited but Hawrami/Barzani, and Iraq (including the KRG population!! Is picking up the tab for it!).

barzani doesnt take the money into his pocket , he is spending it on building roads factories buildings schools hospitals ect .... which never existed cos of Saddam another fail for iraq .

the last highlighted bit is interesting. Can you let us know where that is detailed!

In the constitutional negotiations that took place in the summer of 2005, few issues were critical to us: that the Kurdistan Region has the right to develop the oil on its territory.

The Kurdish leadership agreed to a US-sponsored compromise in 2005 in which the central government would have the authority to manage existing oil fields, but new fields would fall under the exclusive jurisdiction of the regions. Since then, the KRG has taken the lead with Baghdad in negotiations on a hydrocarbon law that is faithful to Iraq's constitution and is conducive to modernizing Iraq's oil infrastructure and substantially increasing its oil production.

http://krg.org/articles/detail.asp?r...0200&anr=26462

[alankurdi]

as a result of disputes between Baghdad and the KRG over these oil contracts, no oil was officially exported from Kurdistan until feb 2nd 2011.

Shahristani has refused to pay expenses or interest to the foreign oil companies operating in Kurdistan, oil export was suspended in September 2009, after having started just a few months before in June 2009.

“If the Iraqi government fails to grant rights to the [international] oil companies, we will not resume oil exportation,” said Hussein, adding that, according to an agreement recently reached between the KRG and Iraqi Prime Minister Nuri Maliki’s newly formed government, oil problems between Kurds and Baghdad needed to be solved within six months.


The new government has replaced Hussein Shahristani with Abdul-Karim Luaibi as oil minister. Shahristani was often at loggerheads with the Kurds over oil issues.

[kurd123]

Originally Posted by BigDreamer

so why fight ? we all are all brothers at the end? and this applies to everyone not just kurds or arabs.. it's time that we move on.. honestly, it will only make our adversaries stronger when we are divided

Well, I'd like to think that now at least Baghdad and erbil are going in the right direction with most of the issues that they have, as we saw oil started to flow today as both sides agreed to compromise, and it's not just oil the KRG has agreed to drop the peshmerga down fro 200,000 to 70,000 to transfer them into the Iraqi ministry, details are very rare but the KRG has stated they are 'willing' to do so, so that's a good indication.

At the end of the day like you said, increase in oil KRG oil production will have a positive effect on all of Iraq, an increase in oil production in the south will have a positive on all of Iraq.

If we look further in 20 years, Iraq (including Kurdistan) can be a leading oil producer and we can also be linked to the EU gas pipeline (I've seen articles claiming that the EU is looking at gas from kurdistan), Iraq can also have a good tourism market from the religious/historical sights of the south/central to the mountainous/historical sights of kurdistan, all that can be achieved! and Iraqis can have a good quality life for once.

[sheytanElKebir]

sigh.

First of all, I work in Iraq so it is my money. we got that out of the way.

Look. I will ATTEMPT to make you understand this, so I will go very slowly. I am not trying to ARGUE with you, I am not trying to INSULT KURDISTANT, I am simply showing you what exactly happened with the oil contracts.


After 2003, the large oil companies (IOCs and Supermajors) wanted to come into Iraq, but they wanted PSA contracts that gave them a % of the income. The first Iraqi governments which were very close to the US wanted to pass through the "Iraqi Oil Law" which would have granted foreign companies unprecedented rights and reversing the Oil Nationalisation of 1960s. That was the ultimate goal.

The Oil law never got passed due to sadrists and others who opposed it. Yes something GOOD by sadrists and baathists! (it is a rare phenomenon).

The US and the IOCs and Supermajors were constantly pressurising Iraq to accept PSAs and Oil Law... but it didn't budge.

After 2006 when Maliki and Shahristani came in they reviewed the contracts and asked for the IOCs and Supermajors to come to Iraq and take on long term service contracts. They refused.

This delayed any oil development work... the companies even refused to sell Iraq many parts needed to maintain existing facilities in order to pressure Iraq to accept PSAs.

In the meantime the US government, British Ambassador (galbraith) were "working on the kurds" (their words) in order to break Iraq. They would "divide and rule" as per the good old days.

So they convinced KRG to accept PSAs, oil companies started going into KRG, and the US and Oil Majors / Supermajors were now pointing the "loser iraqis" towards the "progressive kurds" who had accepted PSAs and now companies were working there.... whilst Iraq's own facilities were falling apart!

This continued for several years, during which Iraq repeatedly tried to get in the major service contractors, IOCs, Supermajors to no avail (everyone was "holding out" for a better deal, waiting for Iraq to cave in and give them the PSAs / pass the oil law).

In the end, Shahristani made one move, and with the stroke of a pen changed the situation upside down. By banning any company bidding in KRG from work in Iraq he effectively check-mated the IOC/Supermajor game. They caved in, and reluctantly came to bid for service contracts...

they all bid "standard rates" $5-$11 initially... and only CNPC/BP stabbed the others in the back by agreeing to take on Rumaila for $2/barrel! in the first round.

After this, the others thought... we can't let CNPC/BP take it all in the next round! So in the second bidding round, they were bidding $1.3 per barrel!!!!

iraq had finally won, after a long and arduous battle with the oil majors.

But what was Hawrami's role in all this? He was effectively the shrill for the "PSA / Oil law" oil majors which needlessly delayed the entry of the oil companies into Iraq for many years! Since KRG get 17% of ALL oil wealth, the BETTER THE CONTRACT the MORE MONEY that KRG gets! Simple!

Had Iraq gone the "Hawrami way" (as you would please) then Today for every $100/barrel sold, Iraq would PAY about $25!!! to the oil majors! compared to an average of about $4 with the "shahristani service contracts!" how does an EXTRA $21/barrel in Iraq (and Kurdistan's!) pocket sound? you tell me.

At Iraq's current export levels that's $44M per day EXTRA INCOME by service contracts vs PSA (or about $16Bn per year EXTRA!!!! for service contracts).

To make that clearer to you, about something that you would care for. that would be $2.8Bn EXTRA for the KRG budget !! That Shahristani negotiated for you, which hawrami would have given to the foreign oil companies!

lets take it even further. At current price, in 7 years time (6M export / day). That would be $126M/day extra income for Iraq, $46Bn extra income for Iraq per year.

Or, if KRG is still in Iraq in 7 years... $7.8Bn/year EXTRA income for Kurdistan! thanks to Shahristani, that Hawrami wanted to give to the Oil companies.




so finally. Whilst Shahristani should certainly be grateful to kurdistan for saving him and sheltering him when he was under threat of death. Perhaps it is time for the people of Kurdistan to appreciate Shahristani for doing his job so well and bringing so much extra income to the people of Kurdistan? Money which their fellow kurd wanted to give to the oil companies as profit.

[kurd123]

Sheytan, I've heard about the $15-16 but not $25. I also believe your not taking into consideration other factors such as no one actually knew how much oil would be found in kurdistan, the fields are un-explored, there are a lot of political risks, some that the south does not face (i.e. Turkey, PKK etc) these factors would increase the amount of money an oil company would want, also I believe that the KRG did what was right and should make sure they sign their own contracts. The bidding war that goes on for existing oil fields in the south can not be compared with the un-explored fields in kurdistan, hence the price difference.

P.S: What do you know about the Erbil-Baghdad oil deal? are the contracts going to be re-defined to fit in line with Baghdad's contracts?

[sheytanElKebir]

Yes, the KRG contracts will be revised from PSA to service contracts.

I hope the Iraqis drive a hard bargain, since the companies can hardly remove their pipes anymore

But since production has resumed, I am guessing that the oil companies have caved in (their share price falls all across the board seems to indicate that).

It will all be great now it seems (finally!). The most important thing is that the cancer of PSA has been averted.

Now the next hope is that KRGs oil fields are added to Iraq's overall reserve figures!! Which would bring Iraq's reserves to 175bn barrels.

[kurd123]

Originally Posted by sheytanElKebir

Yes, the KRG contracts will be revised from PSA to service contracts.

I hope the Iraqis drive a hard bargain, since the companies can hardly remove their pipes anymore

But since production has resumed, I am guessing that the oil companies have caved in (their share price falls all across the board seems to indicate that).

It will all be great now it seems (finally!). The most important thing is that the cancer of PSA has been averted.

Now the next hope is that KRGs oil fields are added to Iraq's overall reserve figures!! Which would bring Iraq's reserves to 175bn barrels.

Ah then it's a case of forcing them to drop down the numbers, lol.

P.S I looked at an article that gave some information regarding the amount of money that the oil companies would have got, they basically get quite a bit of money until the oil production hits 500,000+ by year 5 (At 1 million barrels per day) the amount of money they get per barrel would have dropped to 5.2%.

http://pukmedia.com/english/index.ph...ues&Itemid=385

But if the companies cave into something similar to baghdads contracts, then even better .

P.S: KGP has the potential of finding 16 billion barrels +! so yes, hopefully the KRG's oil and gas reserves will be added to Iraqs, and if an agreement is finally reached, the big companies can also develop kurdistans fields?

[sheytanElKebir]

Yes. Ideally add KRGs reserves to Iraq (increase iraq's total, I think sometime in April we will know... I am expecting the reserves to hit 175Bn AT LEAST).

Develop the remaining domes for oil and gas around kirkuk (KRG had blocked those service agreements)

Bring in the SuperMajors to develop the new KRG fields.


In fact, the only problem I see now is that Iraq is going way TOO QUICKLY in ramping up production and reserves. I hope demand will still be there in 6-7 year time. otherwise we'll be crashing the price to $20/barrel

[kurd123]

Originally Posted by sheytanElKebir

Yes. Ideally add KRGs reserves to Iraq (increase iraq's total, I think sometime in April we will know... I am expecting the reserves to hit 175Bn AT LEAST).

Develop the remaining domes for oil and gas around kirkuk (KRG had blocked those service agreements)

Bring in the SuperMajors to develop the new KRG fields.


In fact, the only problem I see now is that Iraq is going way TOO QUICKLY in ramping up production and reserves. I hope demand will still be there in 6-7 year time. otherwise we'll be crashing the price to $20/barrel

What do you mean?

And, I think so too.. those small companies constantly say 'it's better we stay as exploration companies'. I hope the prices for barrels stay relatively high for the next 20 years at least, by then hopefully Iraq can move onto other economical means.

[alankurdi]

Originally Posted by sheytanElKebir

Yes. Ideally add KRGs reserves to Iraq (increase iraq's total, I think sometime in April we will know... I am expecting the reserves to hit 175Bn AT LEAST).

how do you get that figure!

Develop the remaining domes for oil and gas around kirkuk (KRG had blocked those service agreements)

Bring in the SuperMajors to develop the new KRG fields.

cos article 140 isnt implemented so i dont think kirkuk's oil will be touched any soon.

[sheytanElKebir]

plot thickens...

Iraq will respect profit-sharing contracts that its Kurdistan region has signed with foreign oil firms, ending a longstanding dispute between the two sides, Prime Minister Nuri al-Maliki said on Saturday.

He said Baghdad finally agreed because extracting crude in Kurdistan was more difficult than southern Iraq, and added that output from the autonomous region would double to 200,000 barrels per day (bpd) by the end of the year.

His remarks signal an end to a standoff between Baghdad and Kurdish authorities in their northern capital of Arbil that broke out after the latter stopped exporting oil in October 2009 in a row over payments.

"The oil ministry accepted these contracts because the nature of the extraction in Kurdistan is different from Basra," Maliki told AFP in an interview, referring to Iraq's oil-rich southern province.

"There is a need for bigger efforts there, while in Basra it (oil) is closer to the surface. It's difficult to have service contracts in Kurdistan but it's normal to have them in southern Iraq," he added.

While Kurdistan has signed contracts with international energy companies based on profit-sharing, Baghdad prefers the use of a service fee, whereby firms are paid a fixed sum for each additional barrel of oil they extract.

Kurdistan stopped exporting oil in October 2009 in a dispute with Baghdad over payments to foreign energy companies, and the two sides have been locked in a row ever since.

The two fields currently being exploited in the northern region are Tawke, run by Norwegian energy firm DNO which has current present production of 60,000 bpd, and Tuk Tuk field, run by Turkey's Genel Enerji with output of 40,000 bpd.

Deals with both firms were signed in 2004.

Baghdad and Iraqi Kurdistan appear in recent months to have agreed to resume exports, with Baghdad paying the expenses of energy firms working in the region, although the payment of profits has not been publicly addressed.

DNO said on Thursday that it had begun pumping oil to an export pipeline, with exports from the Tawke field due to resume within days.

"The companies continue producing according to the contract signed between them and the KRG (Kurdistan regional government), and will take their share, and what is left will come to the state budget," Maliki said.

"The Kurds will not take anything other than the companies' share."

Iraq has the world's fourth-largest proven reserves of oil, with 143.1 billion barrels of crude, behind Saudi Arabia, Venezuela and Iran.

The country currently produces around 2.5 million bpd and output is expected to rise to 3 million bpd by the end of the year.

Overall exports, which account for the lion's share of Iraq's government revenue, averaged around 1.95 million bpd in December.

Iraq's 2011 budget, which is still being considered in parliament, factors in targeted exports of 225,000 bpd from Kurdistan.

Production, however, is expected to rise dramatically in the coming years, after the government awarded 11 contracts in 2009 to foreign firms to ramp up output manifold.

Parliament in Baghdad has yet to pass a key hydrocarbons law, however, discussion of which has been repeatedly delayed.

The law, which would regulate the sector and divide responsibility between Baghdad and Iraq's provinces, has been held up for more than three years due to disagreements between MPs from the country's various communities.

the article is really confusing and seems to contradict itself several times...

[Persi]

OPITO Wins Iraqi Oil Training Contract

02 February 2011.
British training body OPITO has signed a landmark memorandum of understanding with the Iraq Ministry for Oil, Training and Development Directorate to help the war-torn country develop the skills and training necessary to enable exploitation of its hydrocarbon resources.

With Iraq gearing up to produce 12 million barrels of oil per day, OPITO estimates they will require a skilled workforce of around 600,000.

A unique, not-for-profit organisation, OPITO is wholly owned by the oil and gas industry and responsible for ensuring it has a safe, skilled and competent workforce. With operations in Aberdeen, Dubai and Kuala Lumpur, OPITO delivers standards, qualifications and workforce development frameworks used by employers in 30 countries.

Under the terms of the agreement signed in Amman, OPITO will work with the Ministry to understand the skills needs and provide specialist guidance and support to help the country build a world-class learning infrastructure. This will ensure that the people of Iraq can obtain the skills, knowledge and qualifications needed to access jobs in the country’s oil and gas industry for now and in the long-term future.

OPITO will also establish a fit-for-purpose workforce development framework for Iraq based on the global OPITO standards and qualifications. Initially the organisation will work on the development of four national oil training institutes in Baghdad, Tikrit, Kirkuk and Basrah.

David Doig, OPITO group chief executive, said: “This is an exciting opportunity for OPITO and acknowledgement of the high regard in which our standards are held globally. But more importantly this is a major step forward for the people of Iraq, who if they are to successfully re-build their country must create a safe, sustainable and profitable oil and gas industry.

[Persi]

Iraq’s Jan Oil Exports Highest Since 2003

02 February 2011.
Iraq exported an average of 2.163 million barrels of oil per day in January, up from 1.951 million bpd in December, its highest level since the 2003 U.S.-led invasion, a top oil official said on Wednesday.

Falah Alamri, head of the State Oil Marketing Organisation (SOMO), told Reuters on the sidelines of an energy conference in Istanbul that he expected oil exports to continue to increase in the coming months.

The previous highest monthly exports since the invasion were achieved in July 2009, when shipments reached 2.037 million bpd, according to SOMO figures.

Alamri said Iraq exported 409,000 bpd in January from its northern fields near the city of Kirkuk, plus another 10,000 bpd taken through Jordan by truck. As usual, the bulk of the exports was shipped from the southern oil hub of Basra.

Iraq’s oil production has reached 2.7 million bpd, the first time it has reached that level in 20 years as investment increased and violence dropped.

[kurd123]

In an interview with the French news agency AFP yesterday, The Iraqi Prime Minister Nouri al-Maliki said that Iraq will respect the profit-sharing oil contracts that Kurdistan has signed with foreign companies, bringing to an end a long-standing dispute between the Kurds and Baghdad.nuri al-maliki in kurdistan

Kurdistan stopped exporting oil in October 2009 amid disputes with the federal government over payments to foreign oil companies and the two sides have been locked in talks ever since.

The Kurdish contracts were signed on a profit-sharing basis while Baghdad has shown a strong preference for service contracts in which the foreign firms are paid a fixed sum for every additional barrel of oil extracted.

Maliki said that Baghdad had finally accepted the contracts signed in Kurdistan because the extraction of crude oil in the region was more difficult and costly than in the south.

"The oil ministry accepted these contracts because the nature of the extraction in Kurdistan is different from Basra," Maliki told AFP in an interview, referring to Iraq's oil-rich southern province.

"There is a need for bigger efforts there; while in Basra it (oil) is closer to the surface. It's difficult to have service contracts in Kurdistan but it's normal to have them in southern Iraq," he added.

Maliki went on to say that output from the semi-autonomous Kurdistan Region would double to 200,000 barrels per day (bpd) by the end of 2011.

"The companies continue producing according to the contract signed between them and the KRG (Kurdistan regional government), and will take their share, and what is left will come to the state budget," Maliki said.

"The Kurds will not take anything other than the companies' share."

Iraq’s central government had always maintained its opposition to Kurdistan signing its own contracts but Kurdish officials ignored Baghdad’s stance by signing agreements with foreign oil companies following the 2003 US-led invasion.

The two Kurdish fields of Tawke and Tuk Tuk are currently being exploited; the former by the Norwegian firm DNO with a production of 60,000 bpd, and the latter by the Turkish firm Genel Enerji producing 40,000 bpd.

Both contracts were signed in 2004.

With 143.1bn barrels of crude oil, Iraq has the fourth largest proven reserves in the world behind Saudia Arabia, Venezuela and Iran.

Currently producing 2.5m bpd, Iraq’s output is expected to rise to 3m bpd by the end of the year.

Overall exports which averaged around 1.05m bpd in December account for over 95% of Iraq’s revenue.

[kurd123]

Maliki to accept kurdish oil deals

BAGHDAD: Nuri al-Maliki's announcement that Iraq will honour Kurdish oil deals with foreign firms will boost its coffers, but experts said Sunday the longer term impact of his remarks may well be more significant.

The Iraqi prime minister's concession came in an interview with AFP on Saturday, signalling an end to a stand-off between the central government and the autonomous Kurdish region after the latter cut off exports of oil in October 2009 in a row over payments to foreign firms.

In the interview, Maliki said Iraq's oil ministry "accepted these contracts because the nature of the extraction in Kurdistan is different from (the southern province of) Basra," referring to two production-sharing contracts signed with Norway's DNO and Turkey's Genel Enerji.

"Maliki's comments are historical because they mark the defeat of the centralist oil policy pursued by his previous oil minister, (current deputy prime minister) Hussein al-Shahristani, since 2006," said Reidar Visser , an Iraq expert who runs the historiae.org website.

"He (Maliki) recognises the Kurdish contracts and their higher level of profit based on the different natural conditions for oil drilling in Kurdistan compared with the south of Iraq. This establishes a precedent that in theory could apply to new fields in the future."

Maliki told AFP on Saturday that there was "a need for bigger efforts" in Kurdistan, while in oil-rich Basra province, oil "is closer to the surface."

"It's difficult to have service contracts in Kurdistan but it's normal to have them in southern Iraq," he added.

While Kurdistan's contracts are based on profit-sharing, Baghdad prefers the use of a service fee, whereby firms are paid a fixed sum for each additional barrel of oil they extract above current production.

In 2009, the central government awarded 11 contracts to international energy firms based on the service fee model. Kurdish authorities, meanwhile, have signed some 30 contracts with foreign firms in addition to the DNO and Genel Enerji deals, though the latter two are the only ones producing oil presently.

Ruba Husari, the Baghdad-based founder and editor of the IraqOilForum.com website, said Maliki's remarks could set a precedent for future oil deals signed by Iraq, which holds the world's fourth-largest proven crude reserves.

"Even though Maliki was talking about the two contracts covering fields that are in production, he is still creating a precedence by legitimising production-sharing contracts awarded by one region of Iraq," she said.

"If the Iraqi government is admitting that production-sharing contracts are applicable to exploration-and-production contracts in the Kurdistan region because of the higher risk, it will be required to be consistent and use the same contracts for exploration and production in the rest of Iraq."

Husari cautioned, however, that she did not foresee such events taking place, noting that this would be "too controversial" in the rest of Iraq, and added that Kurdistan was a "special case because it is a long established region with its own parliament, laws and cabinet."

The central government in Baghdad has repeatedly said it was opposed to the Kurds signing their own contracts, barring foreign firms that did so from participating in auctions of large oil fields in the rest of Iraq.

But Kurdish officials ignored those threats by clinching agreements with several international companies after the US-led invasion of 2003.

"Major international companies, particularly the British and the Americans, have avoided Kurdistan and turned to Baghdad but now they'll be regretting that they left the doors open ... and will now be playing catch-up," said Ranj Alaaldin , senior Iraq analyst in London at the Next Century Foundation .

He added: "Baghdad's recognition of the production-sharing contracts could also put it under pressure from both current and future investors -- the federal government will hav

[kurd123]

FFP have been wrong many times before, we'll have to wait for official articles from KRG.org or Ninanews.

[sheytanElKebir]

I've already posted that piece up (its got the same quotes).

And as you can see from the lines i highlighted it seems to be contradictory...

[kurd123]

Originally Posted by sheytanElKebir

I've already posted that piece up (its got the same quotes).

And as you can see from the lines i highlighted it seems to be contradictory...

Oh right I didn't see that :0

I think what it's trieng to say is that, the KRG will keep a certain amount from the money made to pay the companies, however the amount of money that is being paid to the companies have not been publically disclosed, in other words we don't know how much will be paid to the companies, and the rest of the money will go to Baghdad.