Iraqi Kurdish autonomy temporarily increases oil exports
Azerbaijan, Baku, Sept 3 /Trend R.Hafizoglu/
Iraqi Kurdish autonomy temporarily increases oil exports, the Ministry of Natural Resources of the Iraqi Kurdistan said, Al Jazeera TV channel reported.
The question of oil production and exports from the territory of the Kurdish administration of Iraq is a subject of controversy between the central and regional governments.
The Parliament is considering the adoption of a law on oil for seven years. The law provides joint development of oil and gas fields by the federal and regional governments. At the same time the regional government will be involved in attracting investment and businesses.
Income received from the production at the fields, which are located on the territory of the regional government, will be divided according to the principle: 60 percent - to the central government budget, 40 percent to the regional government.
According to BP, Iraq's proven oil reserves amounted to 143.1 billion barrels as of late 2011.
The country ranks third in OPEC after Saudi Arabia and Iran. According to BP, oil production in Iraq amounted to 2.798 million barrels per day in late 2011.
The Kurdish administration in northern Iraq has oil reserves of 45 billion barrels.