Wednesday, Mar 24, 2010
LONDON (Dow Jones)--There is still no timeframe as to when crude exports from Iraq's autonomous Kurdish region will restart after being halted last year, Kurdish Oil Minister Ashti Hawrami said Tuesday.
Hawrami said he hoped a new Iraqi government will soon be formed so talks could restart on protracted disagreements over issues like oil contracts the Kurds have signed with foreign companies.
Kurdish exports started in June last year and increased up to around 100,000 barrels a day, but were halted not long after because the Kurdish and Iraqi governments couldn't agree on how foreign companies behind the oil exports, such as Norway's DNO International ASA (DNO.OS), should be financially compensated.
"I can't say exactly when [oil exports will restart] but hopefully a new government will be formed soon," Hawrami told journalists here on the sidelines of an industry conference.
Hawrami said the Kurds will have the capacity to export 200,000-250,000 barrels a day by the end of this year after new trucking and pipeline capacity is added in the Kurdish region.
He also said he expects the Kurds to announce "significant" new oil discoveries in the region by the end of the year based on indications companies are getting from new exploration drilling programs. Hawrami declined to provide an estimate on how much those reserves might amount to.
-By Spencer Swartz, Dow Jones Newswires; +44 207 842 9357; spencer.swartz@dowjones.com
(END) Dow Jones Newswires
24-03-10 1234GMT
