Iraq-Kurdistan oil agreement ‘brings optimism throughout the sector’

Cuckoo James

17-Dec-2014

Al-Karama - Jordan-Iraq borderLONDON (ICIS)–An accord between Iraq and Kurdistan on oil exports and budget payments has brought a fresh wave of optimism to the region’s oil and gas sector, former Venezuelan energy minister Alirio Parra said at the opening of the Kurdistan-Iraq Petroleum Conference in London on Wednesday.

Speaking during the opening remarks of the event, Parra, who is a board member of conference organiser CWC, said, “”I would like to highlight one achievement. The oil agreement signed on 2 December between KRG [Kurdistan Regional Government] and the Iraqi government. It is historic. It brings optimism throughout the sector.”

 He also pointed to the nation’s “consolidation of transport facilities for oil exports” and an “increase in production capacity”.

All the new developments in the Kurdistan region and the whole of Iraq was taking place under “changing market dynamics” and the resultant “competitive framework”.

“The axis of consumption has shifted to the east” and “demand increases are slowing” at the same time as the “rollover of OPEC production at a time of excess weakness”, Parra said.

“It removes us from the benchmark of $100 per barrel. That is gone. It is in the past,” he said.

Hundreds of delegates, including senior figures in Iraq’s national government and the oil and gas industry are gathered at the conference, which opened in London on Wednesday at the Park Plaza Westminister. The agenda of the Conference will be “forward looking and positive”, Parra added.

Iraqi Deputy Prime Minister Rowsch Nuri Shaways and the Prime Minister of the Kurdistan Regional Government Nechirvan Barzani are also present.

A  discussion on the Kurdistan region’s vision for 2015 oil and gas development is also expected to be high on the agenda

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