Arab Today, arab today iraq gives total ultimatum on kurdish oil
Last Updated : GMT 17:11:38
Arab Today, arab today
Arab Today, arab today

Iraq gives Total ultimatum on Kurdish oil

Arab Today, arab today

Arab Today, arab today Iraq gives Total ultimatum on Kurdish oil

Baghdad - AFP

Iraq on Sunday gave French energy giant Total an ultimatum to either end its dealings with the autonomous Kurdistan region in the north or to sell its stake in a giant southern oilfield. Iraq\'s deputy prime minister responsible for energy affairs, Hussein al-Shahristani, also said Baghdad was considering offering foreign oil firms more lucrative contracts, as he admitted a recent auction of exploration blocks had not been as successful as officials had hoped. Total \"was requested to withdraw from this field, and it has been given a certain period to end this case by selling its share to another company or by ending the contract with Kurdistan,\" Shahristani told AFP. He did not specify the time by which Total, which said on July 31 that it signed an oil exploration deal with Kurdistan, needed to make a decision. Kurdish authorities have signed dozens of deals with foreign energy firms on a production-sharing basis, contracts regarded as illegal by Baghdad which insists all such deals must go through the federal oil ministry and prefers per-barrel service fees. The agreement between Total and Kurdistan came with relations between the autonomous region and Baghdad at a low ebb over multiple festering disputes, including over oil contracts and territorial claims. Within a period of weeks, US oil firm Chevron and Russia\'s Gazprom have also inked deals with Kurdistan, after American giant ExxonMobil signed an agreement with the region last year. \"Total announced that it signed contracts in Kurdistan and, because of that, the ministry of oil told them that they had breached Iraqi law,\" Shahristani said. \"If it ends its contract with Kurdistan, it can proceed with the Halfaya field.\" Total is a minority member of a consortium led by China\'s CNPC and also including Malaysia\'s Petronas to extract oil from the Halfaya field in Maysan province, in a contract awarded in a December 2009 auction. The field, which has known reserves of 4.1 billion barrels of oil, officially began pumping last month. It is expected to produce 535,000 barrels of oil per day within five years. CNPC has the biggest stake in the consortium at 37.5 percent, followed by Petronas and Total at 18.75 percent each, with Iraq\'s state-owned South Oil Company holding a 25-percent stake. The latest deals between Chevron, Total and Gazprom and the Kurdish region came after Baghdad held a public auction in late May for a dozen energy exploration blocks, but only four contracts were awarded, with analysts attributing the failure to the tough terms on offer. In a nod to that criticism, Shahristani said Iraq was considering modifying the terms. \"We are studying a new model of contract for other oil fields because the first oil fields (that were auctioned) were discovered and well-known,\" he told reporters. \"There is a study in the ministry of oil to improve the model of contract to make it more attractive for oil companies. \"The fourth bid round was not successful, as we hoped, and the reason was because the contracts ... were very tough and did not give a possibility for the company to accept the high risk of work.\" Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres (111.9 trillion cubic feet) of gas, both of which are among the highest such deposits in the world. The country currently produces 3.2 million barrels per day of oil, with resulting exports accounting for the lion\'s share of government income. Baghdad aims to increase both figures dramatically.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today iraq gives total ultimatum on kurdish oil Arab Today, arab today iraq gives total ultimatum on kurdish oil

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday