Kurdistan expects to resume oil exportsKurdistan expects to resume oil exports in early 2011
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By Grant Smith - Nov 30, 2010
The Kurdistan Regional Government in northern Iraq
will resume oilexports in early 2011, Kurdish Natural Resources Minister Ashti Hawramisaid.
Oil supplies from the semi-autonomous area halted a year ago as itfailed to reach an agreement with Iraq’s government on how to payoperators such as DNO International ASA and Addax Petroleum Corp. Iraq’smain political factions are forming a coalition to end eight months ofdeadlock following inconclusive elections. A cabinet will be appointedbefore Christmas, government spokesman Ali Al-Dabbagh said yesterday.
Hawrami said the 38 contracts signed by the KRG with foreign oilcompanies will “stand” under Iraq’s new oil law, likely to be enacted byJune. Legislation to be passed will incorporate, possibly amend andlegitimize the KRG’s contracts, previously considered invalid, accordingto Al-Dabbagh.
“Iraq needs to be rebuilt,” Hawrami said in a speech at the IraqPetroleum conference in London. “We need to put the past four years ofdogma behind us.”
The KRG’s deals allocate a share of the oil produced to foreigncompanies while those adopted by the national Oil Ministry pay aper-barrel fee. Hawrami said that the KRG will consider adjustments toits agreements.
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Nothing is a sure bet , but it does get better day by day .
Looking forward to early next year , by then vst should have reached touchdown and we should all know the results and if this oil law gets approved ,all these 38 or so contracts will be worth much more than they are today.
Of course a lot depends on our own results , but vst were one of the first companies in there and handpicked the spot they were after.
Add to that some local experienced people they also added to the team and imho they have a winning combination.
Time will tell , I am patient .