(Iraqi Kurdistan) Announces Resumption of Global Oil Companies' Production Operations

Erbil, August 25 (KUNA) -- The Kurdistan Regional Government (KRG) of Iraq announced on Tuesday the official resumption of operations by all international oil companies operating in the region. The KRG government stated in a press release that all foreign companies have begun returning to Kurdistan’s oil fields and have gradually resumed crude oil extraction and pumping operations to restore normal production rates. It added that the halt in companies’ activities in recent months was a key factor behind fuel shortages and rising gasoline prices.

In this context, the British company Gulf Keystone Petroleum announced the resumption of its operations after temporarily suspending them in July last year, and distributed dividends worth $10 million to its shareholders. The company’s CEO, John Harris, said that “operational and financial performance demonstrated high resilience in the face of the disruptions experienced in the region,” noting that “thanks to the extension of the export agreement, production and exports have resumed and their rates have gradually increased to reach previous levels.”

Reports indicate that of the 11 oil companies operating in the region, eight had previously halted their activities. With the gradual return of these companies, total daily production is expected to reach approximately 170,000 barrels of crude oil.

The Kurdistan Region hosts eight major oil fields that form the backbone of the sector: Khor Mor, Taq Taq, Fishkhabour, Sheikhan, Atrush, Sarsanak, Erbil, and Bijil-Harir.

It is worth noting that oil exports from the Kurdistan Region via pipelines have been suspended since May 2023, causing severe financial losses estimated in the billions of dollars for both the regional budget and the Iraqi federal government. (End) S.B.R. / A.M.S.