Iraq's Kurdistan region said it expected to begin making regular payments to oil-exporting companies in the first half of September, sending shares in those firms up as high as 17 per cent in early trade.
Repeated sabotage of the pipeline carrying crude from Iraq's Kurdistan region to Turkey had cost it $501 million since July 1, the region's Ministry of Natural Resources said.
It had lost $251 million i
Iraqi Kurdistan reduced its transfers of oil to the Iraq State Oil Marketing Organization (Somo) by half in July to an average of 71,017 barrels per day (bpd), as the autonomous region continued independent exports, its Ministry of Natural Res
Iraq's Kurdistan Regional Government (KRG) said it would pay a portion of its revenue from direct crude oil sales to producers, in an apparent attempt to reassure foreign oil companies operating in the northern region.
Dana Gas, one of the largest oil and gas investors in Iraq's semi-autonomous Kurdish region, said on Sunday that it had obtained a favourable ruling from a London arbitration tribunal in its dispute with Kurdistan authorities.
Iraq's semi-autonomous Kurdistan region has ramped up independent oil sales since mid-June while cutting allocations to Iraq's state oil firm Somo in an escalating dispute over export rights and budget payments.
Construction has commenced for Cristal Grand Erbil Hotel, the second hotel to be operated by the group in the Kurdistan city, and its third in Iraq.
The five-star flagship property will feature 160 rooms and suites when it opens in 2017
Oil flows through Iraqi Kurdistan's pipeline carrying Kirkuk and Kurdish oil to Turkey's Mediterranean coast have risen to 650,000 barrels per day (bpd) and are targeted to exceed one million bpd (mbpd), Turkish Energy Minister Taner Y
Afren will consider exiting the Kurdistan region in Iraq and focus on oilfields in Nigeria as it embarks on a restructuring programme, chief executive Alan Linn said.
The company has floundered under a series o