Oil firms in the Kurdistan region have been left in limbo as the pipeline stoppage is set to continue until Ankara, Baghdad and the KRG find a settlement to resume exports
Oil production in Iraq’s semi-autonomous Kurdistan region is at risk after a halt in northern exports has forced firms operating there to cease output or divert crude to storage, where capacity is limited.
Turkey stopped pumping Iraqi crude from the pipeline after Iraq won an arbitration case in which it said Turkey had violated a joint agreement by allowing the Kurdistan Regional Government to export oil to Ceyhan without Baghdad’s consent.Canada-based Forza Petroleum, formerly Oryx Petroleum Corporation, said on Monday it was shutting in production from the 14,500 bpd Hawler license in the KRI as storage was nearing full capacity.
DNO and Genel Energy said they were storing oil in tanks, which can accommodate several days of production.
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