Kurds sign 4 more oil deals outside of Baghdad control

Iraq's Kurdistan Regional Government has announced four more controversial oil deals, despite Baghdad's condemnation, and says more are on the way...

Companies involved in two of the production-sharing contracts have been announced: a subsidiary of the Canadian firm Heritage Oil and Gas and a subsidiary of the French firm Perenco S.A. The other two deals will be detailed soon, the statement said.

The KRG also announced contracts to build two new oil refineries with 20,000 barrels per day capacity each, sorely needed in Iraq, which suffers from extensive fuels shortages.

The KRG controls three relatively violence-free and semiautonomous provinces in Iraq's north. Very little of Iraq's 115 billion barrels of proven reserves are in the KRG area, but the country as a whole is under-explored and it is expected that the KRG has much potential.

Read the rest at UPI

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