KRG woes deepen amidst production, export constraints
Kurdistan's recent oil sector setbacks are undermining the government's quest to support a viable, independent economy.
Pumps at a well at the Tawke oil field in Iraqi Kurdistan operated by Norway's DNO. (SEBASTIAN MEYER/Metrography/Iraq Oil Report)
ERBIL - Kurdistan's oil sector, once touted as the world’s last great onshore oil patch, is suffering from persistent infrastructure problems, resource downgrades and low oil prices.
The latest setback came Monday, when Genel Energy, the co-operator of the Taq Taq field, announced major downgrades to its reserves and forecast production, sparking a sell-off in the company’s shares and complicating the Kurdistan Regional Government’s (KRG) quest to become an economically viable proto-state.
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