• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 3 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 4 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 3 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 1 day Maduro Asks OPEC For Help Against U.S. Sanctions
  • 10 hours Former United Nations Scientist says the UN is lying about Global Warming and Sea-Level changes
  • 6 hours Prospective Cause of Little Ice Age
  • 44 mins And the War on LNG is Now On
  • 5 mins L.A. Mayor Ditches Gas Plant Plans
  • 1 day Qatar Petroleum, Exxon To Proceed With $10 bln Texas LNG Project
  • 20 hours Russia to Turkey: You Can't Have Syrian Safe Zone Without Assad's Consent
  • 17 hours Solar Array Required to Match Global Oil Consumption
  • 4 hours *Happy Dance* ... U.S. Shale Oil Slowdown

Kurdistan Considers National Oil Company

Bottom Line: As Kurdistan Region of Iraq (KRI) works towards oil and gas independence from the central Iraqi authorities in Baghdad, the next idea being floated is the creation of a national oil company and an oil and gas monetary fund to share revenues with citizens.

Analysis:  Ashti Hawrami, Kurdistan’s Natural Resources Minister, is the initiator of the plan to create the Kurdistan National Oil Company (KNOC) and the monetary fund would cut all families a check of around $1,200 annually once production hits one million barrels per day, somewhere around 2015. The Ministry has sent both proposals to the parliament. Under the proposed plan, KNOC would account for 3% of Kurdistan’s total oil revenues. More broadly, the formation of a national oil company in Kurdistan would give it full control over its oil industry and cause a wider rift with Baghdad. In terms of the law, Kurdistan’s oil law mentions the eventual formation of KNOC, by name.

Recommendation: This is not a new idea, and it has been talked about in the recent past. The fact that Kurdistan just came out of parliamentary elections, though, means that any movement on this will have to wait for the formation of a new government.

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



Oilprice - The No. 1 Source for Oil & Energy News