Federal Ministry of Oil Calls Meeting with Global Oil Companies
On Saturday, the Federal Ministry of Oil extended an invitation to international oil firms operating under the "Abekor" umbrella, which collaborates with the Kurdistan Regional Government (KRG) and the Ministry of Natural Resources of the region, for a key meeting scheduled to take place in Baghdad on Tuesday, March 4, 2025.
Purpose of the Meeting
According to a statement from the Ministry, the primary objective of this meeting is to discuss contract-related matters. The intention is to foster agreements that enhance the development of oil fields while adhering to international best practices, ultimately serving the national interest.
Update on Oil Exports
In a related development, on Friday, eight international oil companies that operate in the Kurdistan Region announced their decision to halt oil exports through the Turkish port of Jihan, despite an announcement from Baghdad regarding the imminent resumption of exports.
The Kurdistan Oil Industry Association (Apuroor), representing roughly 60% of the region’s oil production, indicated that "no official contacts have been established to clarify commercial agreements and payment guarantees for past and future exports."
Industry Reaction
Miles Kagins, a spokesperson for Abekor, emphasized the need for clearer communication regarding these business arrangements. The consortium includes notable companies such as Gulf Keston Petroleum, D.NO, Jinil Energy, and Shamran Petroleum.
In a positive development, Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayyan Abdel-Ghani, announced on the same day that the Kurdistan Region’s oil exports through the Turkish port of Jihan are set to resume within the next few hours.
Summary
As the oil industry faces uncertainties regarding contracts and export logistics, the upcoming meeting in Baghdad aims to promote collaboration and address vital issues affecting production and export activities in the Kurdistan Region. Stakeholders are closely watching for outcomes that will influence both local and international oil markets.
