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Company News

FACTBOX-Oil companies active in Iraqi Kurdistan

 Jan 5 (Reuters) - Oil output from the semi-autonomous region
of Kurdistan helps boost exports that provide Iraq with about 95
percent of its federal revenue.
 The Kurdistan Regional Government (KRG) says it holds
reserves of 45 billion barrels. That has not been verified and
contrasts with other estimates, such as the 2 billion barrels in
proven reserves given by the U.S. Energy Information
Administration.
 Iraqi Oil Minister Abdul Kareem Luaibi says the 2011 federal
budget includes the expectation of shipments of 150,000 barrels
per day from the KRG through the Iraqi export network.
 Kurdish officials have said they only have the capacity to
export 100,000 bpd.
 Exports for Iraq as a whole are roughly 2.0 million bpd, out
of total production that has now reached 2.7 million bpd.
 KRG shipments stopped in 2009 because of a dispute between
the KRG, which runs three provinces in northern Iraq, and
Baghdad, which meant companies were not being paid.
 Baghdad has declared illegal more than 40 production and
exploration deals signed between the KRG and international oil
companies and prevented companies working in Iraq's Kurdish
region from taking part in two oilfield tenders held in 2009.
 Luaibi has said he expected the halted shipments to resume
soon. [ID:nLDE6BQ0JH]
 Iraq still lacks a new oil and gas law that would cover the
whole country, while the KRG agreed its own hydrocarbons law in
2007.
 Thorny issues to resolve include a clause in the hastily
drawn-up post-invasion constitution that Kurdish officials
interpret as meaning KRG rules apply in the event of a legal
disagreement between Baghdad and Iraqi Kurdistan.
 Authorities also need to work out how to align the
production sharing contracts agreed by the KRG and the service
contracts Baghdad negotiated with foreign companies.
 The following outlines some of the companies present in
Kurdistan's more than 40 oil blocks.
 
 The two biggest northern producing fields, excluding Kirkuk
-- which lies outside the Kurdish region and is operated by the
federal authorities -- are Tawke and Taq Taq.
 According to documents obtained by Reuters from Kurdish
opposition officials, and the KRG Ministry of Natural Resources,
Norway's DNO DNO.OL has a 55 percent share in Tawke and
Turkey's Genel has 25 percent, with the rest held by the KRG.
 Genel is also active in Taq Taq, together with Sinopec unit
Addax Petroleum.
 
 North America
 Numerically, the United States and Canada have the strongest
representation in Iraq's Kurdish region.
 U.S. companies established there include Aspect Energy,
Marathon Oil Corporation MRO.N, Hillwood International Energy,
Hunt Oil, Prime and Murphy Oil MUR.N. Marathon and Murphy are
recent entrants to the region.
 
Canada
 Canadian companies are Forbes and Manhattan FMC.TO,
Western Zagros Resources, Talisman Energy Inc TLM.TO, NIKO
Resources NKO.TO, Ground Star and Shamaran.
 
 Norway
 Norway's DNO International has been the most prominent oil
company investing in both downstream and upstream sectors in
Iraqi Kurdistan.
 Its share price has fluctuated in line with uncertainties on
the ground. [ID:nLDE6950CA]
 Others:
 South Korea
 Korea National Oil Company
 Turkey
 Genel Enerji, Petoil, Dogan
 Britain
 Gulf Keystone Petroleum, Sterling Energy, Heritage Oil
HOIL.L plus Anglo-French company Perenco
 The following countries all are believed to have one company
active in the Kurdish region.
 Austria
 OMV AG OMVV.VI
 
 China
 China acquired a significant presence in Iraqi Kurdistan
after Sinopec Group bought Addax Petroleum in 2009.
 
 Hungary
 MOL MOLB.BU
 India
 Reliance Industries RELI.BO
 Papua New Guinea
 Oil Search
 Russia
 Norbest
 United Arab Emirates
 Dana Petroleum
 Information is sourced from Iraqi Kurdish officials, the
KRG, company websites and the Reuters wire.
 (Reporting by Namo Abdulla in Arbil with additional reporting
by Rania El Gamal and Ahmed Rasheed in Baghdad and Tom Bergin
and Barbara Lewis in London)

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