In a significant development, international oil companies operating in Iraqi Kurdistan have reached a preliminary deal with both the Iraqi federal and Kurdish regional governments to restart oil exports. This move comes after extensive negotiations, according to an IOC statement seen by Reuters.
The agreed-upon framework will enable exports to resume "in the coming days" following its official signing and implementation. However, oil companies DNO and its partner Genel Energy have yet to formalize their participation, as reported by a reliable source with direct information on the matter.
The agreement, once fully executed, will facilitate the flow of approximately 230,000 barrels of crude daily through the Iraq-Turkey pipeline, a crucial artery that has been non-operational since March 2023. Efforts to reach DNO and Genel Energy for comments were not immediately successful.
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