Kurdistan Oil Industry Association Addresses Financial Concerns
According to a spokesperson for the Epkur Coalition, “They have $1 billion tied with the Kurdistan Regional Government (KRG), and they are seeking assurance for the receipt of these funds.”
Miles Kagns, representing the Kurdistan Oil Industry Association (APCOR), provided insights during a recent discussion on the ongoing oil export situation.
Today, a meeting took place in Baghdad involving the Ministry of Natural Resources, representatives from Kurdistan’s oil production sectors, and officials from the Iraqi Oil Ministry.
A source indicated, “No agreement was reached during the meeting.” While Caggins did not affirm this statement, he mentioned he had not yet spoken to colleagues from Epicur regarding the outcomes.
Representatives from Epicur emphasized the critical need to confirm timelines and processes for receiving revenues from oil sales. Caggins noted, “It is crucial to clarify these issues prior to resuming oil exports.”
He urged both the Iraqi government and the KRG to consider the perspectives of stakeholders in the oil industry and reiterated a desire for constructive dialogue with KRG officials to find viable solutions.
Caggins remarked, “It is essential that oil companies operating in the Kurdistan Region receive treatment equivalent to those in other parts of Iraq, where there is a clear understanding of the timing and methods for receiving oil revenues without financial obstacles.”
The Iraqi Oil Ministry has announced plans to resume oil exports soon; however, the absence of guarantees between the exporting companies and the federal government continues to hinder the process.
As Caggins pointed out, “The lack of a formal agreement with the Iraqi government is the primary reason why oil exports from the Kurdistan Region have not yet recommenced.”
On February 28, 2025, Matthew Zais, Deputy Chairman of HKN Energy, stated, “We are waiting for the Kurdistan Region to fulfill its financial obligations according to the recent budget amendment, but this depends on a mutual agreement between the Iraqi government and the KRG.”
The amended General Budget Law established a timeline for oil production, requiring Erbil and Baghdad to agree on an advisory committee within 60 days post-amendment. This committee will determine the estimated production price for the oil fields in the Kurdistan Region.
Since March 2023, the export of 400,000 barrels of oil per day from the Kurdistan Region, along with 75,000 barrels from Kirkuk via pipeline to the port of Jayhan, has been suspended due to international mediation favoring the Iraqi federal government.
