The British business General Exploration Partners and the Abu Dhabi National Energy Company (TAQA) reached a deal for the sale of TAQA’s full interest in the Atrush oilfield in Iraq’s Kurdistan region.
In a statement, TAQA stated that sales agreements had been completed, but final approvals from other parties were still awaited.
The deal’s value and the company’s share of ownership in the oilfield were not disclosed.
Through a pipeline, Iraq sells Kurdistan’s oil to the Turkish port of Ceyhan. There are still delays even after the pipeline has been stopped for over ten months.
The most recent issue pertaining to the pipeline that runs from Iraqi Kurdistan to Turkey is cost compensation; its shutdown resulted in a monthly revenue loss of around $1 billion.
According to Oil Price, Iraq’s prime minister, Mohammed Shia Al-Sudani, previously stated that the government is debating amending pertinent legislation with the parliamentary financial committee while businesses in Iraqi Kurdistan are awaiting reimbursements to meet production costs.
The blockade of around 450,000 barrels of oil per day from Iraq’s northern resources since March has been caused by a dispute over who should authorize the oil shipments from Iraqi Kurdistan. Iraq presently solely exports oil through its oil export facilities in the south.
On November 12, Iraq’s Oil Minister Hayan Abdul-Ghani declared that talks to restore oil shipments from Iraq to Turkey will be achieved with the Kurdistan Regional Government (KRG), oil corporations, and Ankara.
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