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Iraq has promised to honor the oil agreements signed between the Kurdistan Regional Government and oil companies operating in the region. According to Iraqi Prime Minister Nuri al-Maliki, the production sharing agreements (PSAs) will be respected by the government and Kurdistan’s oil companies will be credited in full recognition of their profit margin entitlements. The declaration ends ongoing arguments between numerous oil companies and the Kurdistan Regional Government.
President Al Maliki’s support of Kurdistan’s oil contracts will undoubtedly be a source of great optimism for international oil companies active in the region. One of these organizations is Norwegian DNO, which has already developed production capacity on the local Tawke field, whilst Sterling Energy has made its mark in Sangaw North Block, and Gulf Keystone Petroleum in Shaken block, Akri-Bijeel, Sheikh Adi and Ber Bahr.
This agreement has acted as a green light to smaller companies that are already positioned in Kurdistan, whilst bigger oil companies are now considering options and strategies to establish major facilities in the resource-rich region.
Move One has more than eight years of experience providing logistics support for both commercial and military clients in Iraq. With seven strategically located offices in the country, Move One is capable of handling any logistical task in the region.
For further information about Move One’s capabilities in the region, please contact Erik Hemphill, Regional Manager for the Middle East at erik.hemphill@moveoneinc.com.
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