419 thousand barrels per day oil production is expected in Iraqi Kurdistan

Technical analysis for crude oil -14 June 2013

A report Iraq’s oil production capacity to reach for the Kurdistan region of oil to 419 thousand barrels per day, the end of this year, and the production of 7 fields.

The report, posted on the Kurdistan Regional Government that «Iraqi Kurdistan will see a great season in the wake of the entry of giant companies in the oil sector in the region, especially after the announcement of the Turkish British proximity to lay hands on the largest oil production quotas in the region».

The report said: The company Genel Energy, announced this week that it is in talks to acquire the entire share of the foreign sector Jiasorg region of Iraqi Kurdistan, to become one of the largest operators petroleum in the north of the country, and will launch a new phase of oil development for the benefit of the Kurdish region, the semi-autonomous. The report added that, until recently, the Kurdistan focus on concluding contracts with foreign companies to conduct dozens of exploration, and now, with the openness of open space almost completely, it is likely to enter the region of the season and the gains endure.

The report revealed that the Turkish company a British medium-sized, called Valaris, led by chairman of British Petroleum British Tony Howard, following the merger of the company Genel Energy of Turkey, armed with financing the purchase of one billion and $ 900 million, and that bet on the ability of the Kurdistan Regional Government to overcomeon a series of challenges and continue climbing through the development, which would refer the company’s early investment in the oil sector in the region rising to the substantial ownership.

The report went on to invest in Kurdistan did not come without significant risks, the Kurdistan Regional Government is still closed in conflict with the central government, which it considers the only authority empowered to conclude contracts for oil, has described the contracts the Kurdish Ballashraeih.

The report notes that the Government of Kurdistan, in spite of this friction, and set a target productive up to a million barrels per day during the 5 years, on her way to reach more than 310 thousand barrels per day by the end of this year, an increase on the current production of around 180 thousand barrels per day.