Iraq agrees with Kurdish authorities on payment plan for oil exports - report

[k98nights]

Iraq agrees with Kurdish authorities on payment plan for oil exports - report

(ADPnews) - Jan 20, 2011 -

Iraq's oil ministry has agreed with its Kurdish counterpart to pay exploration costs and fees to the international companies, operating in the semi-autonomous region of Kurdistan, which include Norwegian oil company DNO International ASA (OSL:DNO).

Asim Jihad, spokesman for the Iraqi oil ministry said yesterday to news wire Reuters that the State Oil Marketing Organisation (SOMO) will handle payments to the companies, which will be made through the Kurdish Natural Resources Ministry.

Bagdad and the Kurdistan Regional Government (KRG) have been in disagreement over the rights to exploit the region's resources and the central government authorities have considered the production sharing agreements (PSAs) signed by the semi-autonomous region with international oil companies illegal.

After a meeting between Iraq's prime minister Nouri al-Maliki and Kurdistan government officials, both sides confirmed that oil exports from Kurdistan will start up again from the two Kurdish fields, Tawke and Taq Taq, which are developed by DNO International and Turkish Genel Enerji (together with Chinese Sinopec).

The authorities confirmed that they target a rate of 100,000 barrels of oil per day from the northern Kurdistan region of Iraq and that oil exports will start on February 1, 2011. Exports from Kurdistan were carried out over a short period in 2009 but were suspended as the Iraqi government refused to pay the companies, producing crude oil in the region. Thu Jan 20

http://adpnews.info/?nid=36b5af565677d907

[DragonCruiser]

Excellent news!

A major disagreement workout!

On to the next budget reading and a hopeful approval.

[muchodinaro]

Excellent news!

A major disagreement workout!

On to the next budget reading and a hopeful approval.

I'm with you on that, and I'll take the picture on the left, thank you, please!

[snowglobe4]

ok...yea...very good news...i was worried with a gov shut down till the end of the month good news would be hard to find....ty k98nights.