Genel to increase oil export from Iraqi Kurdish autonomy to Turkey

Oil&Gas Materials 10 January 2013 12:34 (UTC +04:00)

Azerbaijan, Baku, Jan.10 / Trend A.Badalova /

Anglo-Turkish Genel Energy will increase oil export from the Taq Taq field in Iraqi Kurdish autonomy to Turkey to 10,000-20,000 barrels per day (bpd), the company's Chief Executive Tony Hayward said on the sidelines of the Gulf Intelligence UAE Energy Forum, International Oil Daily reported.

According to Hayward, today the export volume is only a few thousands a day.

Asked how much oil Genel Energy was putting into the Iraqi federal government's export pipeline to Turkey, he answered: "Effectively none now," adding that this could still allow for minimal flows of some 1,800 bpd from each of the Taq Taq and Tawke fields. The latter is operated by Norway's DNO.

The Kurdish administration in northern Iraq has oil reserves of 45 billion barrels.

Earlier Genel Energy stated that it plans to import four billion cubic meters of gas from Kurdish autonomy by 2016.

Genel Energy is engaged in exploring and developing hydrocarbon fields in the Iraqi Kurdish autonomy. The company has invested over $3 billion in the energy sector of Kurdish autonomy and become the largest investor in the autonomy.

Earlier spokesman for the Iraqi Oil Ministry Asym Jihad told Trend that Baghdad will impose sanctions against Turkish companies if any of them sign an oil and gas agreement with the Kurdish government without the permission of the Iraqi central government.

Relations between the Kurdish administration in northern Iraq and Baghdad deteriorated in October 2011 after US-based Exxon Mobil received permission from the Kurdish authorities on the exploration and production of oil in this Iraqi region. Baghdad considered the deal illegal and warned the company that if it did not abandon the agreement with the Kurds, its deals with the central Iraqi government may be revised.