Despite turbulence, Kurdistan’s IOCs look to raise spending and output
High oil prices are spurring international oil companies in Kurdistan to raise production, even as they face new legal threats, political upheaval, and commercial uncertainty.
A worker at Gulf Keystone Petroleum's Shaikan production facility. (SEBASTIAN MEYER/Metrography/Iraq Oil Report)
International oil companies operating in the Kurdistan Region of Iraq are gearing up for increased upstream activity after reporting solid first-quarter earnings on the back of a surge in global oil prices.
After two years of stagnating crude oil production levels — and despite the recent resignation of Minister of Natural Resources Kamal Atroshi — new investment is set to provide a modest increase in capacity in 2022. Increased gas supplies are also expected from the expansion of the Khor Mor field, which is moving forward on schedule.
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